Law of Value
Purpose, values, and principles are part of corporate ideology or philosophy that define business value, shape a unique culture, and a strong brand.
The value of contemporary society is multilateral; value-based management needs to be driven by concepts like multidimensional collaborative value or collective advantage. The law of value can be viewed from multiple disciplines, including economics, philosophy, and law.
Economics: In economics, the law of value relates to how the prices of goods and services are determined. Value theory studies the structure of decisions, analyzes the influence of prices, and examines the efficiency of resource allocation. Modern value theory considers prices to be determined by both cost and demand considerations.
Philosophy: Axiology, also called the theory of value, is the philosophical study of goodness, or value, in the widest sense of these terms. It provides unification for the study of a variety of questions—economic, moral, aesthetic, and even logical. Axiology has expanded the meaning of the term value, and a distinction is commonly made between instrumental and intrinsic value—between what is good as a means and what is good as an end.
Law: Philosophical speculation about the nature of law is often shaped by the politics of the time and place of a given theorist and is carried on with a specific sort of legal system and legal culture in view. Many economists and political philosophers have argued in favor of government action to enforce the ordinary rules of law in economic matters. Public policymaking in mixed economies frequently must balance the concern for individual liberty with the need for a fair, equitable, and just society.
Value plays a bigger role in determining which task needs to be addressed first by setting the right priority or creating a business justification case. Purpose, values, and principles are part of corporate ideology or philosophy that define business value, shape a unique culture, and a strong brand.
Follow us at: @Pearl_Zhu
