The search for a theory of value in economics is for a ‘unifying grand theory’ capable, in principle, of explaining the totality of economic phenomena a search for a common unit of measurement, to be sure, but beyond that, the underlying sufficient cause of values, in the plural (i.e. prices of this and that), and the force capable of yielding a determinate set of economic outcomes from certain non-economic givens in short, the idea that both back economics, claims to be a science, by giving it a unifying object of study and a method, and at the same time lays it open to accusations of being no more nor less than metaphysics. For value is abstract, and not directly visible. The great arguments in the history of economics have been arguments between theories of value (Cole et al., 1991; Varoufakis, 1998). [download]
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