On the centrality of human value

Journal of Economic Methodology 19 (2):121 - 141 (2012)

The financial crash of 2008 following the selling of fictitious derivatives was a crisis of both rationality and values whose aftermath has thrown the legitimation of deregulated markets, and governments, into question. This paper critiques the Becker metaphor of human capital and submits that human value is central to and the fulcrum of both economic and social values. It illustrates that Hume and Adam Smith directly countered the Hobbesian hypothesis that human nature is based only on self-interest, distinguishes market values from social values, explicit from implicit values and parallels Sen in adopting an ordinal ranking of what people value rather than a search for cardinality. It draws on cognitive psychology, neural research, revealed preference theory and a principle of implicit verification. It also outlines implications for what Adam Smith centrally valued as concern for the welfare of the whole of society
Keywords No keywords specified (fix it)
Categories (categorize this paper)
DOI 10.1080/1350178X.2012.683593
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

Our Archive

Upload a copy of this paper     Check publisher's policy     Papers currently archived: 46,223
External links

Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library

References found in this work BETA

Political Liberalism.John Rawls - 1993 - Columbia University Press.
The Idea of Justice.Amartya Sen - 2009 - Belknap Press of Harvard University Press.
Justice as Fairness: A Restatement.John Rawls - 2001 - Harvard University Press.

View all 45 references / Add more references

Citations of this work BETA

Add more citations

Similar books and articles

Values in Nature. Rolston - 1981 - Environmental Ethics 3 (2):113-128.
Values in Nature.Iii Holmes Rolston - 1981 - Environmental Ethics 3 (2):113-128.
Economic Values in the Configuration of Science.Wenceslao J. González - 2008 - Poznan Studies in the Philosophy of the Sciences and the Humanities 96 (1):85-112.
Human Values and Verities.Henry Osborn Taylor - 1928 - London: Macmillan & Co..
Das Adam Smith Problem - A Critical Realist Perspective.David Wilson & William Dixon - 2006 - Journal of Critical Realism 5 (2):251-272.
The Presidential Address: Nature, Respect for Nature, and the Human Scale of Values.David Wiggins - 2000 - Proceedings of the Aristotelian Society 100 (1):1–32.
Adam Smith's Concept of the Social System.Edward W. Coker - 1990 - Journal of Business Ethics 9 (2):139 - 142.


Added to PP index

Total views
27 ( #342,126 of 2,285,692 )

Recent downloads (6 months)
1 ( #837,842 of 2,285,692 )

How can I increase my downloads?


My notes

Sign in to use this feature