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The Empire of ValueA New Foundation for Economics$
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André Orléan

Print publication date: 2014

Print ISBN-13: 9780262026970

Published to MIT Press Scholarship Online: January 2015

DOI: 10.7551/mitpress/9780262026970.001.0001

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Market Objectivity

Market Objectivity

(p.37) 2 Market Objectivity
The Empire of Value

André Orléan

The MIT Press

Neoclassical theory proceeds from an analysis of individual preferences, a set of objective facts about which economics has nothing to say. From this arises the doctrine of the utilitarian relationship to things and the problem of general equilibrium. Walrasian adjustment and mediation by price is discussed. Girard's notion of mimetic desire is extended to the analysis of economic behavior, and the relevance of asymmetric information, quality, and conventions explored. The future as a source of uncertainty and risk is examined in relation to the role of money in neoclassical theory, and four postulates constituting what is called market objectivity are stated. The underlying logic of neoclassical theory is elucidated in terms of the ideal-type analysis devised by Weber and applied to economics by Walras.

Keywords:   asymmetric information, conventions, general equilibrium, ideal-type analysis, individual preferences, market objectivity, mimetic desire, uncertainty

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