Aristotle to Marshall: The Evolution of Economic Value Theory

Abstract

The market value of real estate value falls under the broader umbrella of economic value. ‘Value’ itself is a concept that has several dimensions. Thus one can speak of spiritual value, moral value or, indeed, economic value. These dimensions of value share a common root in that they all link subjects and objects via an assessment of goodness or worth. They are, however, also different in terms of subject matter and general orientation. A complete theory of value should be able to unify them, accounting for both similarities and differences. The obstacles which stand in the way of the development of such a theory are however daunting, and the prospects for success rather limited. This necessarily requires proceeding in an incremental or partial manner. From the outset, therefore, it must be stated that this book is about economic value, value that is attached to real estate as a necessary adjunct to the conduct of commerce and other social activities.