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- DescriptionWith the advent of the 2007--2008 financial crisis, the ecomics profession itself entered into a crisis of legitimacy from which it has yet to emerge. Despite the obviousness of their failures, however, ecomists continue to rely on the same methods and to proceed from the same underlying assumptions. Andre Orlean challenges the neoclassical paradigm in this book, with a new way of thinking about perhaps its most fundamental concept, ecomic value. Orlean argues that value is t bound up with labor, or utility, or any other property that preexists market exchange. Ecomic value, he contends, is a social force whose vast sphere of influence, amounting to a kind of empire, extends to every aspect of ecomic life. Markets are based on the identification of value with money, and exchange value can only be regarded as a social institution. Financial markets, for example, instead of defining an extrinsic, objective value for securities, act as a mechanism for arriving at a reference price that will be accepted by all investors. What ecomists must therefore study, Orlean urges, is the hold that value has over individuals and how it shapes their perceptions and behavior. Awarded the prestigious Prix Paul Ricoeur on its original publication in France in 2011, The Empire of Value has been substantially revised and enlarged for this edition, with an entirely new section discussing the financial crisis of 2007--2008.
- Author BiographyAndre Orlean is Senior Researcher in the CNRS Center for Economics at the Ecole Normale Superieure, Paris, and Director of Studies at the Ecole des Hautes Etudes en Sciences Sociales.
- Author(s)Andre Orlean
- PublisherMIT Press Ltd
- Date of Publication08/07/2014
- SubjectEconomics: Professional & General
- Place of PublicationCambridge, Mass.
- Country of PublicationUnited States
- ImprintMIT Press
- Content Note9 figures, 6 tables
- Weight617 g
- Width152 mm
- Height229 mm
- Spine15 mm
- Translated byM. B. DeBevoise
- Interest AgeFrom 18
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