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2 results

  • 4 - Theories of Financial Value

  • Dave Elder-Vass, Loughborough University
  • Book:
    Inventing Value
    Published online:
    28 July 2022
    Print publication:
    11 August 2022, pp 65-89

  • Summary

    Financial value, as I use the term in this book, is the monetary value of a financial asset: a belief or claim about what it is worth. Academic understandings of financial value are dominated by the marginalist tradition of mainstream economics, and so this chapter begins by explaining the profound inadequacy of this approach to financial value. It goes on to outline a theory of financial value based on more recent contributions from the literature, notably André Orléan’s work on financial valuation conventions, Pierre Bourdieu’s work on symbolic value, and Jens Beckert’s work on fictional expectations. It then engages a little more critically with recent work on the idea that economics plays a performative role in the finance sector. This chapter and the previous two provide a constructively critical review of the literature on value and financial value, but they also piece together what is in effect the book’s theoretical hypothesis, which is supplemented with an ontological hypothesis in the next chapter and then tested by applying it to empirical cases in the later chapters of the book.

  • Symbolic Values

  • RYAN W. DAVIS
  • Journal:
    Journal of the American Philosophical Association / Volume 5 / Issue 4 / Winter 2019
    Published online by Cambridge University Press:
    15 November 2019, pp. 449-467

  • When a symbol is a marker of a primary bearer of value and, secondarily, a bearer of value itself, then it has symbolic value. Philosophers have long been suspicious of symbolic values, often regarding them as illusory or irrelevant. I suggest that arguments against symbolic values either overgeneralize or else require premises that can only be supported if the normative significance of some symbolic considerations is presupposed. Humans need symbols to represent identity facts to themselves and others. Symbolic values thereby contribute to individuals’ control over their own agency.