Value, Market and Society. A Critical Review
Value, Market and Society. A Critical Review

Summary/Abstract: Value is the importance or worth that we ascribe to the possession of objects for the purpose of gratifying our needs. Objects of no importance have no value. On the other hand, importance is a relative measure depending on additional benefits of the objects for us. Since more relative benefits come from exchange than subsistence, markets are formed. In other words, the additional value gained as a result of exchange is the main cause of market formation. Therefore, additional value and market formation are the result of a social economic process in which exchange plays the central role.

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