Concept And Meaning Of Value

1807 Words Apr 4th, 2016 8 Pages
While development may be necessary to meet human needs and improve the quality of life, it must happen without depleting the capacity of the natural environment to meet present and future needs (Nevin, 2008). According to (Brundtland, 1987), sustainable development is defined, as a “development that meets the needs of the present without compromising the ability of the future generations to meet their own needs”. For more than 2 millenniums the concept and meaning of value has been discussed and it has various subtle definitions (Ng and Smith, 2012). According to Greek philosophers Aristotle (384-322), the source of value was based on one’s needs and exchange would not take place without it. Also, Smith is also the one who differentiate between value in use and value in exchange (Fogarty, 1996). In a more classical time, Adam Smith believes there are 2 different definitions on the word value, value in use and value in exchange. According to (Walras, 1894), followers of Adam Smith later regarded value as the headings of utility, the foundation of economic thought and culminating in marginal utility theory, as seen in (Ng and Smith, 2012). In more recent years, Holbrook (1999), Vargo (2004) and Lush (2008) have further their research exclusively on the concept of value as well as value in use and value in exchange. In economics, value means the worth of a commodity in terms of other commodities, or in monetary terms. Adding to that, value depends on both desirability and…
Open Document