A theoretical and methodological framework for social economic value theory

Leon Monroe Miller

International Journal of Social Economics, 2017, vol. 44, issue 2, 169-180

Abstract: Purpose - The purpose of this paper is to contribute to research on the impact that the creation of value theory has on professional, organizational, and economic performance. However, a special emphasis is on explicating the theoretical foundation of the concept. Design/methodology/approach - This paper is based on a hermeneutic study of the relationship between value creation and managing economic resources. The paper traces the value creation concept to its roots from the foundation of Western Civilization through the value theory of Adam Smith and up to recent technological age advancements in value theory. Findings - Since its emergence the value concept has been explicated in an abundance of literature. However, there has been very little in regards to explanations detailing the theoretical underpinnings of the concept. According to John Stuart Mill, attempts to apply value theory will fail (due to misinformation or inaccurate information) without inclusiveness of the full scope of what is relevant for social science and social economic research. Research limitations/implications - Although studies on organizational behavior encompass the economic aspects of research economic research tends to be narrower in scope making it difficult to verify some value claims in economic terms. This is especially true in terms of making claims in regards to the connection between economic value theory, social value theory, the Philosophy of Economics, and the Philosophy of Science. Practical implications - The study introduces a theoretical framework for integrating the value added and value creation concepts as a strategy for increasing shareholder benefits, stakeholder capital, and social capital. Social implications - The paper explains how the value creation concept contributes to an increase in wealth, prosperity, flourishing by drawing from a technological age approach to value creation. Originality/value - The paper fills the void in the literature regarding the theoretical framework of the concept thus undergirds claims about its practical benefits by clarifying its theoretical framework.

Keywords: Bounded rationality; Commodified; Firm (goods) centric; Heuristic capacity; Means rationality; Methodenstreit controversy (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijsepp:ijse-12-2014-0257

DOI: 10.1108/IJSE-12-2014-0257

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