The Austrian school is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.
In analytic philosophy, anti-realism is the position that the truth of a statement rests on its demonstrability through internal logic mechanisms, such as the context principle or intuitionistic logic, in direct opposition to the realist notion that the truth of a statement rests on its correspondence to an external, independent reality. In anti-realism, this external reality is hypothetical and is not assumed.
Ethics is the philosophical study of moral phenomena. Also called moral philosophy, it investigates normative questions about what people ought to do or which behavior is morally right. Its main branches include normative ethics, applied ethics, and metaethics.
Hedonism is a family of philosophical views that prioritize pleasure. Psychological hedonism is the theory that the underlying motivation of all human behavior is to maximize pleasure and avoid pain. As a form of egoism, it suggests that people only help others if they expect a personal benefit. Axiological hedonism is the view that pleasure is the sole source of intrinsic value. It asserts that other things, like knowledge and money, only have value insofar as they produce pleasure and reduce pain. This view divides into quantitative hedonism, which only considers the intensity and duration of pleasures, and qualitative hedonism, which holds that the value of pleasures also depends on their quality. The closely related position of prudential hedonism states that pleasure and pain are the only factors of well-being. Ethical hedonism applies axiological hedonism to morality, arguing that people have a moral obligation to pursue pleasure and avoid pain. Utilitarian versions assert that the goal is to increase overall happiness for everyone, whereas egoistic versions state that each person should only pursue their own pleasure. Outside the academic context, hedonism is a pejorative term for an egoistic lifestyle seeking short-term gratification.
In metaphilosophy and ethics, metaethics is the study of the nature, scope, ground, and meaning of moral judgment, ethical belief, or values. It is one of the three branches of ethics generally studied by philosophers, the others being normative ethics and applied ethics.
Value theory is the systematic study of values. Also called axiology, it examines the nature, sources, and types of values. As a branch of philosophy, it has interdisciplinary applications in fields such as economics, sociology, anthropology, and psychology.
Value or values may refer to:
Moral relativism or ethical relativism is used to describe several philosophical positions concerned with the differences in moral judgments across different peoples and cultures. An advocate of such ideas is often referred to as a relativist.
In environmental philosophy, environmental ethics is an established field of practical philosophy "which reconstructs the essential types of argumentation that can be made for protecting natural entities and the sustainable use of natural resources." The main competing paradigms are anthropocentrism, physiocentrism, and theocentrism. Environmental ethics exerts influence on a large range of disciplines including environmental law, environmental sociology, ecotheology, ecological economics, ecology and environmental geography.
Motivation is an internal state that propels individuals to engage in goal-directed behavior. It is often understood as a force that explains why people or animals initiate, continue, or terminate a certain behavior at a particular time. It is a complex phenomenon and its precise definition is disputed. It contrasts with amotivation, which is a state of apathy or listlessness. Motivation is studied in fields like psychology, neuroscience, motivation science, and philosophy.
In ethics, welfarism is a theory that well-being, what is good for someone or what makes a life worth living, is the only thing that has intrinsic value. In its most general sense, it can be defined as descriptive theory about what has value but some philosophers also understand welfarism as a moral theory, that what one should do is ultimately determined by considerations of well-being. The right action, policy or rule is the one leading to the maximal amount of well-being. In this sense, it is often seen as a type of consequentialism, and can take the form of utilitarianism.
The subjective theory of value (STV) is an economic theory for explaining how the value of goods and services are not only set but also how they can fluctuate over time. The contrasting system is typically known as the labor theory of value.
Objective idealism is a philosophical theory that affirms the ideal and spiritual nature of the world and conceives of the idea of which the world is made as the objective and rational form in reality rather than as subjective content of the mind or mental representation. Objective idealism thus differs both from materialism, which holds that the external world is independent of cognizing minds and that mental processes and ideas are by-products of physical events, and from subjective idealism, which conceives of reality as totally dependent on the consciousness of the subject and therefore relative to the subject itself.
Moral nihilism is the meta-ethical view that nothing is morally right or morally wrong and that morality does not exist.
In moral philosophy, instrumental and intrinsic value are the distinction between what is a means to an end and what is as an end in itself. Things are deemed to have instrumental value if they help one achieve a particular end; intrinsic values, by contrast, are understood to be desirable in and of themselves. A tool or appliance, such as a hammer or washing machine, has instrumental value because it helps one pound in a nail or clean clothes, respectively. Happiness and pleasure are typically considered to have intrinsic value insofar as asking why someone would want them makes little sense: they are desirable for their own sake irrespective of their possible instrumental value. The classic names instrumental and intrinsic were coined by sociologist Max Weber, who spent years studying good meanings people assigned to their actions and beliefs.
A price signal is information conveyed to consumers and producers, via the prices offered or requested for, and the amount requested or offered of a product or service, which provides a signal to increase or decrease quantity supplied or quantity demanded. It also provides potential business opportunities. When a certain kind of product is in shortage supply and the price rises, people will pay more attention to and produce this kind of product. The information carried by prices is an essential function in the fundamental coordination of an economic system, coordinating things such as what has to be produced, how to produce it and what resources to use in its production.
In ethics, intrinsic value is a property of anything that is valuable on its own. Intrinsic value is in contrast to instrumental value, which is a property of anything that derives its value from a relation to another intrinsically valuable thing. Intrinsic value is always something that an object has "in itself" or "for its own sake", and is an intrinsic property. An object with intrinsic value may be regarded as an end, or in Kantian terminology, as an end-in-itself.
In philosophy, a quality is an attribute or a property characteristic of an object. In contemporary philosophy the idea of qualities, and especially how to distinguish certain kinds of qualities from one another, remains controversial.
Well-being or welfare is what is ultimately good for a person, including everything considered valuable for them. It is a measure of how well a person's life is going for them, both in a positive and a negative sense. In its positive sense, well-being is sometimes contrasted with ill-being as its opposite. The term "subjective well-being" denotes how people experience and evaluate their lives, usually measured in relation to self-reported well-being obtained through questionnaires.
The values that a person holds may be personal or political depending on whether they are considered in relation to the individual or to society. Apart from moral virtue, examples of personal values include friendship, knowledge, beauty etc. and examples of political values, justice, equality and liberty. This article will outline some current ideas relating to the first group – personal values. It will begin by looking at the kinds of thing that have value and finish with a look at some of the theories that attempt to describe what value is. Reference will be made solely to Western sources although it is recognised that many, if not all, of the values discussed may be universal.
