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Article
Publication date: 1 September 1996

Paata Leiashvily

Suggests a new understanding of the category of economic value. According to this understanding, economic value is the unity of economic utility and economic costs…

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495

Abstract

Suggests a new understanding of the category of economic value. According to this understanding, economic value is the unity of economic utility and economic costs. Interprets these categories of utility and costs as relative, and imminently implying one another. There exists a specific attitude of man towards the limited goods which are involved in his teleological activity. On the basis of this new understanding of economic value, attempts to give a new explanation of the law of increasing marginal costs, as the opposite form of manifestation of the law of diminishing marginal utility. Suggests an original interpretation of global and local criteria for optimum, and of an economic mechanism for comparison of costs and utility. Proposes many ideas which proceed from the teleological understanding of man’s activity and which are in harmony with the ideas and principles of econometrics.

Details

International Journal of Social Economics, vol. 23 no. 9
Type: Research Article
ISSN: 0306-8293

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Book part
Publication date: 4 May 2018

Iskandar Muda and Abdul Nasser Hasibuan

Purpose – The purpose of this research is to know the public discovery of the concept of time value of money with economic value of time. Design/Methodology/Approach – The…

Abstract

Purpose – The purpose of this research is to know the public discovery of the concept of time value of money with economic value of time.

Design/Methodology/Approach – The method of research involved a causal research design in North Sumatera Province, Indonesia. The data used are primary data sourced from questionnaires distributed to 112 random respondents. Data were analyzed using the SEM method with Smart PLS software.

Findings – The results show that the public do not know exactly the application and the concept of “time value of money” and the economic value of time.

Research Limitations/Implications – The limitation of this study is that it was conducted on heterogeneous Medan city samples and did not extend to other cities in North Sumatra with large samples. The study has implications on the socialization of the community’s understanding of the concept of time value of money with the economic value of time.

Originality/Value – This study has value in that it compares the understanding of the society over the concept model of time value of money and the economic value of time.

Details

Proceedings of MICoMS 2017
Type: Book
ISBN:

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Article
Publication date: 7 July 2020

Younghee Noh

This study aims to develop an evaluation index to evaluate the economic value among the values of the library and also attempts to measure the economic value of the…

Abstract

Purpose

This study aims to develop an evaluation index to evaluate the economic value among the values of the library and also attempts to measure the economic value of the library by performing a survey of the librarians and users at public libraries. The results of this research would likely encourage the librarians to feel increasingly confident about the library, while students and users, in general, would also likely be able to realize the economic value and presence of the library in more perceptive ways, thereby contributing to the activation of the library.

Design/methodology/approach

This study pertains to the development of an evaluation index for assessing the economic value of the library and, to evaluate the economic value of the library, has derived a preliminary evaluation index by collectively gathering and analyzing the domestic and foreign papers on the value of the library in its first phase. The preliminary evaluation index derived was verified by conducting three phases of Delphi survey by selecting ten experts. The survey questionnaire was developed to measure the economic value based on the final evaluation index derived from this study, and the economic value was measured against the perceptions of librarians and users of the public library.

Findings

The economic value of the library was divided into the four categories of the local economy’s value enhancement, namely, connection with the local community, human resources development, job creation and investment value enhancement for the librarians and users surveyed for assessment purposes. Consequently, the area of connection with the local community turned out to be the highest at 4.15, followed by 4.02 of the investment value improvement, 3.58 for the local economy’s value improvement and 3.50 for the human resources development and job creation, respectively. Furthermore, the respondents demonstrated the highest level of consensus on average on how the resource sharing by libraries has helped to reduce the economic burden for the residents as a matter of social value for the public library while believing that the libraries deliver a high level of return on social investments.

Originality/value

There are not that many studies conducted on the economic influence or the value of public libraries in Korea, and they are merely referenced in part if and when referenced to the overall value of the library. Given that, the research that focuses only on the economic value of the library must be carried out. In this respect, this research has been quite meaningful. The evaluation index developed in this research is likely to become a basic tool that can be applied to public libraries, as well as other types of libraries. Furthermore, the evaluation index developed through this research could be applied to nonprofit organizations, such as libraries, and would likely have a social ripple effect as a research that evaluates and presents the economic value of libraries. Accordingly, in this research, we have analyzed the list presented by the American Library Association and domestic research results, and have also structured the core details and derived the preliminary economic value index. Finally, 4 evaluation areas, 7 evaluation items and 22 evaluation indicators have been developed through the Delphi survey through three phases.

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Article
Publication date: 1 March 1990

Roger J. Sandilands

Allyn Young′s lectures, as recorded by the young Nicholas Kaldor,survey the historical roots of the subject from Aristotle through to themodern neo‐classical writers. The…

Abstract

Allyn Young′s lectures, as recorded by the young Nicholas Kaldor, survey the historical roots of the subject from Aristotle through to the modern neo‐classical writers. The focus throughout is on the conditions making for economic progress, with stress on the institutional developments that extend and are extended by the size of the market. Organisational changes that promote the division of labour and specialisation within and between firms and industries, and which promote competition and mobility, are seen as the vital factors in growth. In the absence of new markets, inventions as such play only a minor role. The economic system is an inter‐related whole, or a living “organon”. It is from this perspective that micro‐economic relations are analysed, and this helps expose certain fallacies of composition associated with the marginal productivity theory of production and distribution. Factors are paid not because they are productive but because they are scarce. Likewise he shows why Marshallian supply and demand schedules, based on the “one thing at a time” approach, cannot adequately describe the dynamic growth properties of the system. Supply and demand cannot be simply integrated to arrive at a picture of the whole economy. These notes are complemented by eleven articles in the Encyclopaedia Britannica which were published shortly after Young′s sudden death in 1929.

Details

Journal of Economic Studies, vol. 17 no. 3/4
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 1 November 1988

Tibor R. Machan

Here Marx's philosophy is dissected from the angle of bourgeois capitalism which he, Marx, sought to overcome. His social, political and economic ideas are criticised…

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1039

Abstract

Here Marx's philosophy is dissected from the angle of bourgeois capitalism which he, Marx, sought to overcome. His social, political and economic ideas are criticised. Although it is noted that Marx wanted to ameliorate human suffering, the result turned out to be Utopian, contrary to his own intentions. Contrary to Marx, it is individualism that makes the best sense and capitalism that holds out the best hope for coping with most of the problems he sought to solve. Marx's philosophy is alluring but flawed at a very basic level, namely, where it denies the individuality of each person and treats humanity as “an organic body”. Capitalism, while by no means out to guarantee a perfect society, is the best setting for the realisation of the diverse but often equally noble human goals of its membership.

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International Journal of Social Economics, vol. 15 no. 11/12
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 8 February 2016

Hong-Youl Ha, Myung-Soo Lee and Swinder Janda

It has previously been noted that channel relationships are more richly understood when viewed over time. Moreover, there is a lack of research on how two types of…

Abstract

Purpose

It has previously been noted that channel relationships are more richly understood when viewed over time. Moreover, there is a lack of research on how two types of satisfaction (economic and social satisfaction) have differential effects on partner trust over time. The purpose of this study is to investigate whether (and if so how) these two types of satisfaction have differential effects on partner trust from the initial stage of channel relationship to the subsequent relationship period.

Design/methodology/approach

Longitudinal data are used in an effort to understand the dynamic process of channel relationships over time.

Findings

It is found that over time, the strength of the relationship between economic satisfaction and partner trust decreases, while the effect of social satisfaction on partner trust increases. Interestingly, the direct effect of perceived value on partner trust dramatically decreases from time point T to T + 1, indicating that these relationships exhibit significant temporal effects.

Research limitations/implications

The most relevant theoretical implication is that social satisfaction has a desirable role of bridging the relationship between perceived value and partner trust at time points T and T + 1. Thus, social satisfaction is a key factor in sustaining a channel partnership over time even after initial perceived value has been enhanced via the route of economic satisfaction. The main limitation is that data were collected in South Korea – further validation would require data from multiple cultural contexts.

Practical implications

Results provide important implications for channel members aiming to enhance trust with partners. In initial stages of a relationship, channel members should concentrate their marketing resources on enhancing economic satisfaction, as it plays a key role in enhancing trust. As channel relationships evolve, the role of social satisfaction between perceived value and partner trust becomes more important. Thus, in the latter stages of a relationship, it would be prudent to focus more on activities which enhance social satisfaction.

Originality/value

To the best of the authors’ knowledge, there is very little research focusing on temporal carryover effects. The authors thus contribute to the establishment and testing of temporal carryover effects of various business-to-business (B2B) relationship-related constructs, such as perceived value, economic and social satisfaction and partner trust.

Details

European Journal of Marketing, vol. 50 no. 1/2
Type: Research Article
ISSN: 0309-0566

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Book part
Publication date: 14 November 2017

Rick Colbourne

Indigenous entrepreneurship and hybrid venture creation represents a significant opportunity for Indigenous peoples to build vibrant Indigenous-led economies that support…

Abstract

Indigenous entrepreneurship and hybrid venture creation represents a significant opportunity for Indigenous peoples to build vibrant Indigenous-led economies that support sustainable economic development and well-being. It is a means by which they can assert their rights to design, develop and maintain Indigenous-centric political, economic and social systems and institutions. In order to develop an integrated and comprehensive understanding of the intersection between Indigenous entrepreneurship and hybrid ventures, this chapter adopts a case study approach to examining Indigenous entrepreneurship and the underlying global trends that have influenced the design, structure and mission of Indigenous hybrid ventures. The cases present how Indigenous entrepreneurial ventures are, first and foremost, hybrid ventures that are responsive to community needs, values, cultures and traditions. They demonstrate that Indigenous entrepreneurship and hybrid ventures are more successful when the rights of Indigenous peoples are addressed and when these initiatives are led by or engage Indigenous communities. The chapter concludes with a conceptual model that can be applied to generate insights into the complex interrelationships and interdependencies that influence the formation of Indigenous hybrid ventures and value creation strategies according to three dimensions: (i) the overarching dimension of indigeneity and Indigenous rights; (ii) indigenous community orientations and (iii) indigenous hybrid venture creation considerations.

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Details

The Value of Design in Retail and Branding
Type: Book
ISBN: 978-1-80071-580-6

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Article
Publication date: 18 June 2020

Mariette Louise Zietsman, Pierre Mostert and Göran Svensson

This study aims to explore the relationships, direct and indirect, between business customers’ perceived value, satisfaction and loyalty.

Abstract

Purpose

This study aims to explore the relationships, direct and indirect, between business customers’ perceived value, satisfaction and loyalty.

Design/methodology/approach

The study was set in the business banking industry, with data collected from 381 micro-enterprise business customers of a large South African bank by means of a self-administered, internet-based questionnaire.

Findings

The results reveal that business customers’ perception of value results in both economic and non-economic satisfaction. The results further indicate that non-economic satisfaction mediates the relationship between economic satisfaction and behavioural loyalty.

Research limitations/implications

The study contributes to business services marketing literature by taking a multidimensional approach to the traditional value-satisfaction-loyalty chain.

Practical implications

The study contributes to business services marketing literature by emphasising the importance of perceived value in driving both economic and social outcomes, which, in turn, drives behavioural outcomes. By providing evidence of the outcomes associated with higher perceived value, service providers gain insights into the importance of focussing on value creation and the building of personal connections with micro-sized businesses to ensure future repurchase behaviour.

Originality/value

This research expands on current value research by positioning economic and non-economic satisfaction and attitudinal and behavioural loyalty as outcomes of business customers’ perceived value. This is possibly the first study to investigate satisfaction and loyalty as outcomes of perceived value where both comprise two distinct dimensions.

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Article
Publication date: 4 February 2014

Alison Elizabeth Lloyd, Ricky Y.K. Chan, Leslie S.C. Yip and Andrew Chan

The domain of service convenience remains relatively unexplored. However, as time pervades all aspects of consumption, the value placed on time is likely to influence the…

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Abstract

Purpose

The domain of service convenience remains relatively unexplored. However, as time pervades all aspects of consumption, the value placed on time is likely to influence the importance of convenience. Prior studies call for the investigation of convenience beyond the store context; and malls being a one-stop shopping destination, present an ideal environment for investigation.

Design/methodology/approach

A conceptual model delineating the relationships between service convenience, shopping trip value, customer satisfaction and several retail outcomes is developed. This model is empirically tested using survey data collected from 619 mall shoppers; and analyzed using structural equation modelling.

Findings

For shoppers who place high economic value on time, the effects of service convenience are greater on hedonic value. Conversely, those who place low economic value on time, effects of service convenience are greater on utilitarian value. Effects of shopping value on retail outcomes also vary according to value placed on time.

Research limitations/implications

Further investigation utilizing full convenience scale and more elaborate time style measures encouraged.

Practical implications

Results signal the importance of enhancing the experiential aspects of the mall for high economic time value shoppers. Conversely, for low economic time value shoppers, findings suggest the importance of boosting the visual distinctiveness and ease of mall navigation.

Originality/value

This study sheds light on research gaps by examining the link between service convenience and its effects on retail evaluation in the mall. It also considers how the economic value placed on time impact perceptions of convenience and the shopping experience.

Details

Journal of Services Marketing, vol. 28 no. 1
Type: Research Article
ISSN: 0887-6045

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