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Concept of value

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In an ORIGINAL response: Discuss the concept of "value" as it relates to social, environmental, and economic inputs. How is value perceived differently from different stakeholders? When looking at sustainability, why is "value" important?

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This solution discuss the concept of "value" as it relates to social, environmental, and economic inputs.

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Value is a measure of the usefulness and desirability of something. The concept of value is, however, subjective rather than objective. By subjectivity I mean, the perception of value is different from one stakeholder to the other. The meaning of value does indeed change with time, place and situation. To demonstrate the subjectivity of value, take for example you leave in an isolated island and suddenly find a lot of gold. You cannot sell or exchange that with anything else because you are alone on the island. Therefore as far as you are concerned, the gold is valueless. How about if ...

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Edwin Sinclar, MBA
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  • Bachelor of Science , Berea College
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