Teoretyczne przesłanki wartości godziwej
Theoretical premises of fair value

Summary/Abstract: In economic language, ability for doing work means an economic power that is called capital. Academics have not been fully aware of this connection through many years. Much of the trouble with real economies, and economic theories as well, has its roots in the lack of reconciliation of energy concept with physics and economics. Thermodynamics explains spontaneous dispersion of energy. This phenomenon is a reason of the risk premium existence, which manifests itself in capital considerations. The risk premium is an essential economic constant, which shapes interest and discount rates, wages and salaries, prices and rate of returns under conditions of free market exchanges. The risk premium as an essential economic category exists in the theory of finance, theory of capital, and in human capital considerations. Some significant opinions, well representing state of art, in the USA at least, have been introduced during „Research Roundtable Discussion: The Market Risk Premium” conducted by I. Welch. According to present research the risk premium is a constant, and as such it needs not any theory; only measurements. We have to refer to the idea of constants as known in physics in order to realise their unusual meaning in the understanding of nature. Similarly to the role of other constants in physics the risk premium size shapes economic relations provided exchanges are made in a free economy. All fair values refer to the risk premium size.

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