Toward a Unified Theory of Value: From Austrian Economics to Austrian Philosophy

Axiomathes 27 (5):531-559 (2017)
  Copy   BIBTEX

Abstract

Under one understanding of marketing, this discipline focuses on the creation of customer value. Although nobody doubts today that value is subjective and it emerges from consumer judgment, the causality is less clear. Do producers bring about value, or do consumers receive ‘raw’ products that only attain value in their estimation? Or, do producers and consumers co-create value as much of contemporary marketing theory assumes? Recent works on value creation, the building of customer relationships, and the service-dominant logic are related to insights derived from both Austrian schools of value theory. The emphasis on value as a ratio between perceived benefits and perceived costs may be seen as a continuation of Menger’s and Wieser’s work. The focus on relations as a category distinct from goods goes back to Böhm-Bawerk. And the service-dominant logic reflects insights developed both by Menger and by philosophers of the Brentano School. The direct influence of Austrian economics on business studies is small and is restricted to very few scholars. But the potential is great for a fruitful development of current approaches in marketing by drawing on insights from Austrian economics and, perhaps even more so, from Austrian philosophy. This paper defines the relations between the thought from economists and philosophers and presents examples for how cutting-edge marketing thinking may profit from both Austrian schools of value.

Links

PhilArchive



    Upload a copy of this work     Papers currently archived: 76,199

External links

Setup an account with your affiliations in order to access resources via your University's proxy server

Through your library

Similar books and articles

Austrian Economics and Austrian Philosophy.Barry Smith - 1986 - In Wolfgang Grassl & Barry Smith (eds.), Austrian Economics: Historical and Philosophical Background. London: Croom Helm, reprinted: Routledge Revivals, 2010. pp. 1-36.
On the Austrianness of Austrian economics.Barry Smith - 1990 - Critical Review: A Journal of Politics and Society 4 (1-2):212-238.
Boettke's Austrian critique of mainstream economics: An empiricist's response.Thomas Mayer - 1998 - Critical Review: A Journal of Politics and Society 12 (1-2):151-171.
Preface: Austrian economics from Menger to Hayek.Barry Smith - 1986 - In Wolfgang Grassl & Barry Smith (eds.), Austrian Economics: Historical and Philosophical Background. Croom Helm, Reprinted: Routledge Revivals 2010.
The Question of Apriorism.Barry Smith - 1990 - Austrian Economics Newsletter (1/2):1-5.

Analytics

Added to PP
2017-10-20

Downloads
19 (#589,031)

6 months
2 (#297,737)

Historical graph of downloads
How can I increase my downloads?

Author's Profile

Wolfgang Grassl
St. Norbert College

Citations of this work

No citations found.

Add more citations

References found in this work

The Ecological Approach to Visual Perception.Marc H. Bornstein - 1980 - Journal of Aesthetics and Art Criticism 39 (2):203-206.
Truth-Makers.Kevin Mulligan, Peter Simons & Barry Smith - 1984 - Philosophy and Phenomenological Research 44 (3):287-321.
Truth­-Makers.Kevin Mulligan, Peter Simons & Barry Smith - 2009 - Swiss Philosophical Preprints.

View all 43 references / Add more references