Value from a complex dynamic system's perspective

This paper examines critically the concept of value which emerged within modem economic theory and which is still the main basis for value theories in environmental and most strands of ecological economics. Building upon modem complex dynamic systems theory, the author highlights the relational and emergent characteristics of value-stressing that the economic and ecological value of a given good has to be assessed within its particular spatiotemporal context. This analysis presents some of the inherent weaknesses of conventional value theories and the problems which arise from free-market based regulation of economic processes. These problems, it is suggested, may be overcome by what is termed post-normal value theory introduced at the end of the article. (c) 2005 Elsevier B.V. All rights reserved.