The Economy as Process of Valuation sheds new light on the
potential benefits of concept and theory formation along dynamic
and evolutionary lines for understanding economic processes. The
emphasis is on aspects of the economy as a process of valuation
rather than as a mechanistic result of transcendental forces
yielding unique determinate results.The book begins by examining
instrumentalism and the process of valuation, arguing that to
choose involves the process of valuation. It then focuses on
Coases's work on institutions and considers the implications for a
variety of subjects including the theory of the firm and the theory
and policy of externalities - all aspects of the economy as a
process of valuation. This is followed by analyses of the concepts
of coercion and cost in economics, with special reference to one
agent's interest being another agent's cost. Each elicits key
aspects of analysis, valuation and the complexities and conflictual
nature of valuation processes and structures. Finally, Kenneth
Boulding's work on 'The Image' is examined, arguing that
definitions of reality and values derive, in part from language.
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