Why the lack of a theory of value hinders sustainability
In short: If economics cannot agree on what something is actually worth, how can it solve the climate crisis? This panel explores why our current financial systems struggle to prioritize long-term survival over short-term gains.
The discussion addresses a fundamental flaw in economic theory: the inability to pin down a definitive theory of value. From classical thinkers like Adam Smith and David Ricardo to Karl Marx, economists have struggled to define what constitutes 'value.'
This conceptual ambiguity creates a ripple effect that complicates modern challenges. Because we lack a clear framework for value, it becomes difficult to price long-term consequences accurately, leading to systemic hurdles in creating incentives for sustainable finance.
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Sources
- Summary by Intellect · source: How to Incentivise Sustainable Finance - Long Finance Panel Discussion
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