Value

Value is an abstract concept that underpins how we understand our lives, from discussions about the economic contribution of different kinds of work to the prices we pay for the things we consume. This new book by Frederick Harry Pitts charts the past, present, and future of value within and beyond capitalist society, critically engaging with key concepts from classical and neoclassical political economy. It interrogates the processes and practices that attribute value to objects and activities, considers debates over whether value lies within commodities or in their exchange, and how we measure value in a knowledge-based economy.

Format: Paperback / softback
Length: 190 pages
Publication date: 18 December 2020
Publisher: Polity Press

Value, an enigmatic and abstract concept, holds profound significance in shaping our understanding of life. It permeates various discussions, ranging from the economic contributions of different forms of work and productive activities to the prices we pay for the goods and services we consume. Yet, despite its elusive nature, value remains a central theme in our societal discourse. In his groundbreaking book, Frederick Harry Pitts delves into the historical, present, and future of value within and beyond capitalist society. Through a critical engagement with key concepts from classical and neoclassical political economy, Pitts explores the processes and practices that assign value to objects and activities. He examines the ongoing debates surrounding whether value resides within commodities themselves or in their exchange, the politics surrounding different theories of value, and the challenges of measuring value in a knowledge-based economy.

This accessible and captivating introduction to the intricacies of value in modern society is a must-read for students and scholars engaged in political economy, economics, economic sociology, or management. By unraveling the complexities of value, Pitts provides valuable insights into the foundations of our economic and social systems. Through his comprehensive analysis, readers gain a deeper appreciation of the factors that contribute to the creation and distribution of wealth, as well as the mechanisms that shape our perceptions and valuations of goods and services.

Value, as a multifaceted concept, encompasses a wide range of dimensions. It extends beyond the mere monetary value assigned to goods and services, encompassing the social, cultural, and ethical dimensions that shape our perceptions and evaluations. Pitts explores these various aspects of value, examining how they interact and influence one another. He sheds light on the ways in which economic systems, political institutions, and cultural norms contribute to the formation and perpetuation of different values, and how these values shape our behavior and decision-making processes.

One of the key themes in Pitts' book is the debate over whether value lies within commodities or in their exchange. He critically examines the arguments put forth by classical and neoclassical economists, who argue that value is inherent in the goods themselves and can be measured through the price mechanism. Pitts, however, challenges this notion by highlighting the social and cultural factors that shape the value of commodities. He argues that the exchange value of commodities is determined not only by their physical properties but also by the social relationships and networks that surround them.

Pitts also delves into the politics of different theories of value. He explores the contributions of classical economists such as Adam Smith and Karl Marx, as well as contemporary thinkers such as John Maynard Keynes and Friedrich Hayek. By examining these different perspectives, Pitts provides a comprehensive understanding of the historical and theoretical foundations of value. He highlights the strengths and weaknesses of each theory, and how they have influenced economic policy and practice over time.

In a knowledge-based economy, where intangible assets such as knowledge, creativity, and innovation play a significant role, measuring value becomes particularly challenging. Pitts examines the methods and tools used to measure value in this context, including economic indicators such as GDP, productivity, and inflation. He also discusses the limitations and challenges of these measures, and proposes alternative approaches that take into account the social and environmental impacts of economic activities.

Value, as a dynamic and evolving concept, has profound implications for our understanding of society, economics, and politics. Pitts' book provides a comprehensive and insightful exploration of value, challenging our preconceptions and illuminating new perspectives. It is a valuable resource for students, scholars, and anyone interested in gaining a deeper understanding of the complex dynamics that shape our world.

In conclusion, value is an elusive and abstract concept that holds immense significance in shaping our lives. In his groundbreaking book, Frederick Harry Pitts charts the past, present, and future of value within and beyond capitalist society, critically engaging with key concepts from classical and neoclassical political economy. Through a comprehensive analysis of the processes and practices that attribute value, Pitts explores the debates surrounding whether value lies within commodities or in their exchange, the politics of different theories of value, and the challenges of measuring value in a knowledge-based economy. This accessible and intriguing introduction to the complexities of value in modern society is essential reading for students and scholars working in political economy, economics, economic sociology, or management. By delving into the historical, present, and future of value, Pitts provides valuable insights into the foundations of our economic and social systems, and sheds light on the factors that contribute to the creation and distribution of wealth. This book is a must-read for anyone interested in gaining a deeper understanding of the complex dynamics that shape our world.

Weight: 234g
Dimension: 147 x 215 x 16 (mm)
ISBN-13: 9781509535668