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Value and Power in Economics


  • Kosta Josifidis

    () (Department of European Economics and Business, Faculty of Economics, University of Novi Sad, Serbia)

  • Alpar LoÅ¡onc

    () (Department of Social Sciences, Faculty of Technical Sciences, University of Novi Sad, Serbia)


In this article we rethink the field of value in economic theory. First, we prove that the transhistorical and nominalist approaches show different weaknesses and can not account for the constitutive dimensions of value. Within this context, we demonstrate why value emerged in the first place and what epistemological dimensions it provided and enabled for economic reflexivity. In addition, we demonstrate that it is impossible to understand inherent value as an immanent property of goods in economic transactions and we critique the approach that renders value to the theory of price. Economic relations reflect value-related aspects without which the relations could not be understood. We then analyze the interrelations between power and value, proving the constitutive dimension of power in understanding value, demonstrated in selected examples. We treat power as a constellation in which economic agents act on other subjects to provoke certain activity. Power may occur only where the behaviour of subjects is not entirely determined. Finally, one additional selected example shows the range of this theory of power in terms of positional goods.

Suggested Citation

  • Kosta Josifidis & Alpar LoÅ¡onc, 2012. "Value and Power in Economics," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(4), pages 501-519, September.
  • Handle: RePEc:voj:journl:v:59:y:2012:i:4:p:501-519

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    References listed on IDEAS

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    Cited by:

    1. Kosta Josifidis & Alpar LosÌŒonc, 2014. "Some Thoughts on Power: International Context," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(5), pages 597-615, October.
    2. Phillip Anthony O’Hara, 2013. "Policies and Institutions for Moderating Deep Recessions, Debt Crises and Financial Instabilities," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(1), pages 19-49, March.

    More about this item


    Value; Valuation process; Power; Coercion; Positional goods;

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism


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