{"product_id":"the-empire-of-value-isbn-9780262549585","title":"The Empire of Value","description":"\u003cb\u003eAn argument that conceiving of economic value as a social force makes it possible to develop a new and more powerful theory of market behavior.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eWith the advent of the 2007–2008 financial crisis, the economics profession itself entered into a crisis of legitimacy from which it has yet to emerge. Despite the obviousness of their failures, however, economists continue to rely on the same methods and to proceed from the same underlying assumptions. André Orléan challenges the neoclassical paradigm in this book, with a new way of thinking about perhaps its most fundamental concept, economic value.\u003cbr\u003e\u003cbr\u003eOrléan argues that value is not bound up with labor, or utility, or any other property that preexists market exchange. Economic value, he contends, is a social force whose vast sphere of influence, amounting to a kind of empire, extends to every aspect of economic 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 economists must therefore study,\u003cbr\u003eOrléan urges, is the hold that value has over individuals and how it shapes their perceptions and behavior.\u003cbr\u003e\u003cbr\u003eAwarded the prestigious Prix Paul Ricoeur on its original publication in France in 2011, \u003ci\u003eThe Empire of Value\u003c\/i\u003e has been substantially revised and enlarged for this edition, with an entirely new section discussing the financial crisis of 2007–2008.A Note on the Translation vii\u003cbr\u003e  Tables and Figures ix\u003cbr\u003e  Introduction 1\u003cbr\u003e  Part I Critique of Political Economy\u003cbr\u003e  1 Substance Value 9\u003cbr\u003e  The Substance Hypothesis • Barter and the Exclusion of Money\u003cbr\u003e  • The Undervaluing of Exchange • Order from Disorder • The\u003cbr\u003e Fetishism of the Commodity • A Singular Science\u003cbr\u003e  2 Market Objectivity 37\u003cbr\u003e  The Utilitarian Relationship to Things and the Problem of\u003cbr\u003e General Equilibrium • Walrasian Adjustment and Mediation by\u003cbr\u003e Price • The Mimetic Hypothesis • Asymmetric Information,\u003cbr\u003e Quality, and Conventions • Uncertainty and Money • Market\u003cbr\u003e Objectivity and Ideal-Type Models\u003cbr\u003e  3 Scarcity and Status 85\u003cbr\u003e  Utility versus Prestige • Scarcity Reconsidered • Veblen ’ s\u003cbr\u003e Theory of Emulation • The Mimetic Model of Competition\u003cbr\u003e  • A Return to Value\u003cbr\u003e  Part II The Institution of Value\u003cbr\u003e  4 Money 107\u003cbr\u003e  Money versus Value • The Conceptual Origins of Money\u003cbr\u003e  • Currency Crises • The Objectivity of Value • The Quantity\u003cbr\u003e Theory of Money • Economics and the Social Sciences\u003cbr\u003e  5 A New Approach to Value 141\u003cbr\u003e  Money and Confidence • Common Emotion • Durkheim ’ s\u003cbr\u003e Theory of Value • The Role of Religion • The Liberal\u003cbr\u003e Conception of Money • Monetary Miracles\u003cbr\u003e  Part III Market Finance\u003cbr\u003e  6 Financial Valuation 175\u003cbr\u003e  The Probabilistic Postulate and the Intrinsic Value of Shares\u003cbr\u003e  • The Efficiency of Financial Markets • Radical Uncertainty and\u003cbr\u003e the Irreducible Subjectivity of Individual Valuations\u003cbr\u003e  7 Liquidity and Speculation 197\u003cbr\u003e  Enterprise and Speculation • Liquidity as a Social Institution\u003cbr\u003e  • Self-referentiality and Conventional Belief • The Inefficiency\u003cbr\u003e of Financial Markets • Excessive Volatility, Speculative Bubbles,\u003cbr\u003e and Blindness to Disaster • Liquidity and Convention\u003cbr\u003e  Part IV Self-referential Finance and the Subprime Crisis\u003cbr\u003e  8 Euphoria: 2003 to 2007 241\u003cbr\u003e  The Real-Estate Bubble • The Credit Bubble • The Mechanisms\u003cbr\u003e of Euphoria • Securitization and the Role of Economists • The\u003cbr\u003e Underestimation of Credit Risk • Bubble or No Bubble? • The\u003cbr\u003e Market Weighs In\u003cbr\u003e  9 The Crisis: 2007 to 2008 285\u003cbr\u003e  The Panic of August 2007 • Deleveraging • The Role of\u003cbr\u003e Financial Liquidity\u003cbr\u003e  Conclusion 311\u003cbr\u003e  References 325\u003cbr\u003e  Index 343André Orléan is Senior Researcher in the CNRS Center for Economics at the École Normale Supérieure, Paris, and Director of Studies at the École des Hautes Études en Sciences Sociales.","brand":"The MIT Press","offers":[{"title":"Default Title","offer_id":46303664734437,"sku":"NP9780262549585","price":45.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780262549585.jpg?v=1767739165","url":"https:\/\/k12savings.com\/es\/products\/the-empire-of-value-isbn-9780262549585","provider":"K12savings","version":"1.0","type":"link"}