8/13/2019 Value Theory Encompasses a Range of Approaches to Understanding How

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Value Theory encompasses a range of approaches to understanding how, why andto what degree

people value things, whether the things is a person, idea, object, or anything else. This investigation

began in ancient philosophy, where it is called axiology or ethics. Early philosophical investigation

sought to understand good and evil and the concept of the good. Today much of the value theory is

scientifically empirical, recording what people do value and attempting to understand why they

value it in the context of psychology, sociology and economics.

At the general level, there is a difference between moral and natural goods. Moral goods are those

that have to do with conduct of persons, usually leading to praise or blame. Natural goods, on the

other hand, have to do with objects, not persons. For example, the statement mary is a good

person represents a very different sense of the word good than the statement that was some

good food.

Ethics is mainly focused on moral goods rather than natural goods, while economics has a concern in

what is economically good for the society but not an individual person and is also interested in

natural goods. However, both moral and natural goods are equally relevant to goodness and value

theory, which is more general in scope.

Economics:

Economic analysis emphasizes goods sought in a market and tends to use the consumers choices as

evidences (revealed preferences) that various products are of economic value. In this view, religious

or political struggle over what goods are available in the market place is inevitable and consensus on

some core questions about body society and ecosystems affected by the transaction are outside the

markets goods so long as they are unowned.

However some natural goods seem to also be moral goods. For example those things that are owned

bya person may be said to bee natural goods, but over which a particular individuals may have moral

claims. So its necessary to makeanother distinction: between moral and non moral goods.

Sometimes a moral and natural goods can be confusing , value theory encompasses the value in the

ethinics and the way it is said it can be done is vary different from wht is said to be done and then it

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8/13/2019 Value Theory Encompasses a Range of Approaches to Understanding How

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