Why the lack of a theory of value threatens our future
In short: Dr. Matthew Kiernan explores why modern economics struggles to define what things are actually worth. By examining the roots of value, he reveals how these foundational gaps impact our approach to money, sustainability, and long-term planning.
The lecture addresses a fundamental critique of economics: the absence of a cohesive theory of value. This conceptual void has persisted from the works of early thinkers like Adam Smith, David Ricardo, and Karl Marx to contemporary economic models.
Kiernan argues that these difficulties in defining value are not isolated academic puzzles. Instead, they create ripple effects that complicate our understanding of money, the ability to plan for the long term, and the pursuit of global sustainability.
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Sources
- Summary by Intellect · source: Investing as if the Future Mattered - Dr Matthew Kiernan
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