Value Theory Quotes & Sayings

According to Free Trait Theory, we are born and culturally endowed with certain personality traits - introversion, for example - but we can and do act out of character in the service of "core personal projects."
In other words, introverts are capable of acting like extroverts for the sake of work they consider important, people they love, or anything they value highly. Free Trait Theory explains why an introvert might throw his extroverted wife a surprise party or join the PTA at his daughter's school. It explains how it's possible for an extroverted scientist to behave with reserve in her laboratory, for an agreeable person to act hard-nosed during a business negotiation, and for a cantankerous uncle to treat his niece tenderly when he takes her out for ice cream. — Susan Cain

Ruskin's much-derided moral theory of art was part of an attempt to show that this human activity, which we value so highly, engaged the whole of human personality. His insistence on the sanctity of nature was part of an attempt to develop Goethe's intuition that form cannot be put together in the mind by an additive process, but is to be deduced from the laws of growth in living organisms, and their resistance to the elements. — Kenneth Clark

Theories - whether neural, mental, or conceptual - talk about intervening steps in these relationships. But instead of prompting us to search for and explore relevant variables, they frequently have quite the opposite effect. When we attribute behavior to a neural or mental event, real or conceptual, we are likely to forget that we still have the task of accounting for the neural or mental event ... Research designed with respect to theory is also likely to be wasteful. That a theory generates research does not prove its value unless the research is valuable. Much useless experimentation results from theories, and much energy and skill is absorbed by them. Most theories are eventually overthrown, and the greater part of the associated research is discarded. — B.F. Skinner

In his first philosophical lecture on modern physics that Pauli gave in November 1934 to the Zurich Philosophical Society he said that only a formulation of quantum theory would be satisfactory which expresses the relation between the value of [the fine structure constant] and charge conservation in the same complementary was as that between the space-time description and energy-momentum conservation. — Charles P. Enz

The theory of the determination of wages in a free market is simply a special case of the general theory of value. Wages are the price of labour. — Sir John Richard Hicks

Claims that cannot be tested, assertions immune to disproof are veridically worthless, whatever value the may have in inspiring us or in exciting our sense of wonder. — Carl Sagan

The aim was to regulate the value of money by increasing or diminishing the quantity of it. The effects of these measures appeared to provide an inductive proof of the correctness of this superficial version of the Quantity Theory, and incidentally concealed the weaknesses of its logic. — Ludwig Von Mises

But independently of their money value, his works had made him a lasting name in literature. So probably Gallio was under the impression that his fame would rest upon the treatises on natural history which we gather from Seneca that he compiled, and which for aught we know may have contained a complete theory of evolution; but the treatises are all gone and Gallio has become immortal for the very last reason in the world that he expected, and for the very last reason that would have flattered his vanity. He has become immortal because he cared nothing about the most important movement with which he was ever brought into connection (I wish people who are in search of immortality would lay the lesson to heart and not make so much noise about important movements), and so, if Dr Skinner becomes immortal, it will probably be for some reason very different from the one which he so fondly imagined. — Samuel Butler

The ideology of liberal humanism found expression in the earliest reviews of Hardy's writing and remained a dominant force until the explosion of literary theory in the 1980s. It is a broad and still influential category. It endorses the moral value of the individual, and the strength of the human spirit. It prefers the integrity of an organic rural society to the anonymity and materialism of an urbanised and technological world. Applied to fiction, this ideology involves the naturalisation of the novel's world and its values, and the recognition of fictional character as presenting a unified subject. — Geoffrey Harvey

Itwas one time when people thought the value of the fine structure constant wasimportant. Now of course it's still important, of course, as a practical matter,but we now know that the value it has is a function, that in any fundamental theory you derive the fine structure constant as a function of all sorts of mass ratios and so on, and it's not really that fundamental. — Steven Weinberg

The notion of mental accounts is absent in traditional economic theory, which holds that wealth in general, and money in particular, should be fungible: That is, $100 in roulette winnings, $100 in salary, and a $100 tax refund should have the same significance and value to you, since each C-note could buy the same number of downloads from iTunes or the same number of burgers at McDonald's. Likewise, $100 kept under the mattress should invoke the same feelings or sense of wealth as $100 in a bank account or $100 in U.S. Treasury securities (ignoring the fact that money in the bank, or in T-bills, is safer than cash under the bed). If money and wealth are fungible, there should be no difference in the way we spend gambling winnings or salary. — Gary Belsky

Under certain conditions, index numbers may do very useful service as an aid to investigation into the history and statistics of prices; for the extension of the theory of the nature and value of money they are unfortunately not very important. — Ludwig Von Mises

Theory-free science makes about as much sense as value-free politics. — Stephen Jay Gould

Price mostly meanders around recent price until a big shift in opinion occurs, causing price to jump up or down. This is crudely modeled by quants using something called a jump-diffusion process model. Again, what does this have to do with an asset's true intrinsic value? Not much. Fortunately, the value-focused investor doesn't have to worry about these statistical methods and jargon. Stochastic calculus, information theory, GARCH variants, statistics, or time-series analysis is interesting if you're into it, but for the value investor, it is mostly noise and not worth pursuing. The value investor needs to accept that often price can be wrong for long periods and occasionally offers interesting discounts to value. — Nick Gogerty

I do not think much of the good luck theory of self-made men. It is worth but little attention and has no practical value. — Frederick Douglass

Most of Marx's predictions have failed to materialize, and his labor theory of value and other ideas have been proven wrong. Marx failed to recognize the incentive system built into the capitalist model - consumer choice and the profit motive of the entrepreneur. The irony is that capitalism, not socialism or Marxism, that has liberated the worker from the chains of poverty, monopoly, war, and oppression, and has better achieved Marx's vision of a millennium of hope, peace, abundance, leisure, and aesthetic expression for the 'full' human being. — Mark Skousen

So much enthusiasm about the non-existence of God is somewhat bewildering, as no one appears to be nearly as excited about a similar absence of belief in unicorns, vampires, werewolves, astrology, nation-building, or the Labor Theory of Value. Nor is anyone dedicating much of their time to writing books and giving speeches at universities and conferences with the avowed goal of convincing others not to believe in them either. — Vox Day

The Theory of Surplus Value means that anytime you hire someone, you are exploiting him. If you pay someone to fix your automobile, he has the right, by virtue of being your mechanic, to steal your car. — P. J. O'Rourke

Unless a thing can be defined by measurement, it has no place in a theory. And since an accurate value of the momentum of a localized particle cannot be defined by measurement it therefore has no place in the theory. — Richard P. Feynman

The Austrian theory of subjective value teaches us that there are many ways to incentivize or motivate or induce someone to commit an action for you: you can promise sexual favors, promise to pay money, hire someon, and so on. Also, there is no reason to think that both the boss and his underling cannot both be 100% responsible: in the law this is called joint and several liability. — Stephan Kinsella

Prior to the age of telegraphy, the information-action ratio was sufficiently close so that most people had a sense of being able to control some of the contingencies in their lives. What people knew about had action-value. In the information world created by telegraphy, this sense of potency was lost, precisely because the whole world became context for news. Everything became everyone's business. For the first time, we were sent information which answered no question we had asked, and which, in any case, did not permit the right of reply. — Neil Postman

There is no explanation in the Big Bang theory for the seemingly fortuitous fact that the density of matter has just the right value for the evolution of a benign, life supporting universe. — Robert Jastrow

We need to revise our economic thinking to give full value to our natural resources. This revised economics will stabilize both the theory and the practice of free-market capitalism. It will provide business and public policy with a powerful new tool for economic development, profitability, and the promotion of the public good. — Paul Hawken

The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of you once learned as gospel from your mistaken professors of yore. Your mistaken professors were too much influenced by "rational man" models of human behavior from economics and too little by "foolish man" models from psychology and real-world experience. — Charlie Munger

The truthfulness of 'The Theory and Practice of Oligarchical Collectivism' is in doubt largely because of uncertainty about its authorship, and, as we have seen, a nearly identical ambiguity surrounds the Appendix. The parallel is significant. Two psychologically oriented critics, Murray Sperber and J. Brooks Bouson, have each pointed out strong resemblances between O'Brien's manipulation of Winston and Orwell's manipulation of the reader. I believe these resemblances extend to the book's handling of its two principal documents. Just as O'Brien plays upon Winston's desire for certain knowledge about Oceania's social and political structure, leading him on with the possibly spurious 'Goldstein' tract, so the story's narrator draws the truth-seeking reader into an Appendix whose truth value cannot be determined. — Richard K. Sanderson

I swear the older I get, the more I value bad examples over good ones. It's a good thing too, because most people are egotistical, neurotic, self-absorbed peons, insistent on wearing near-sighted glasses in a far-sighted world. And it's this exact sort of myopic ignorance that has led to my groundbreaking new theory. I call it Mim's Theorem of Monkey See Monkey Don't, and what it boils down to is this: it is my belief that there are some people whose sole purpose of existence is to show the rest of how not to act. — David Arnold

From the point of view of logic, my report on 'Exclusion principle and quantum mechanics' has no conclusion. I believe that it will only be possible to write the conclusion if a theory will be established which will determine the value of the fine structure constant and will thus explain the atomistic structure of electricity, which is such an essential quality of all atomic sources of electric fields actually occurring in nature. — Wolfgang Pauli

This attribute of equality within the market system is terribly important; Marx understands it as being fundamental to how capitalism theoretically works. Aristotle, too, understood the need for commensurability and equality in exchange relations, but he couldn't figure out what lay behind it. Why not? Marx's answer is that "Greek society was founded on the labour of slaves, hence had as its natural basis the inequality of men and of their labour-powers" (152). In a slave-holding society there can be no value theory of the sort that we are going to find under capitalism. Again, note the historical specificity of the value theory to capitalism. — David Harvey

Socialism may be worthless as a scheme, but it is not meaningless as a symptom. Rousseau's theory of the origin of society, of the social contract, and of a cure for all the social evils by a return to a state of nature, had, as we all know now, no more relation to fact than the dreams of an illiterate drunkard; but they were not without value as a vague and symbolical expression of certain evils from which the France of his day was suffering. — William Hurrell Mallock

For the most part, quantum theory has been of little practical value in my life. — Jenny Diski

There may be rhetoric about the socially constructed nature of Western science, but wherever it matters, there is no alternative. There are no specifically Hindu or Taoist designs for mobile phones, faxes or televisions. There are no satellites based on feminist alternatives to quantum theory. Even that great public sceptic about the value of science, Prince Charles, never flies a helicopter burning homeopathically diluted petrol, that is, water with only a memory of benzine molecules, maintained by a schedule derived from reading tea leaves, and navigated by a crystal ball. — Simon Blackburn

To the extent that scarcity of land is natural, and absentee landlord claims are not enforced by the state, economic rent on land is a form of scarcity rent that will prevail under any system. But to the extent that the scarcity is artificial, resulting from government or absentee landlord restrictions on access to vacant land, or landlord rent on those actually occupying and using land, the mutualist contention is that such rent is a deviation from normal exchange-value caused by unequal exchange. Patents, likewise, are such a deviation, being nothing but a monopoly imposed by the state. Such examples, therefore, have no bearing whatsoever on the validity of the labor theory of value. — Anonymous

Despite my admiration for scientific knowledge, I am not an adherent of scientism. For scientism dogmatically asserts the authority of scientific knowledge; whereas I do not believe in any authority and have always resisted dogmatism; and I continue to resist it, especially in science. I am opposed to the thesis that the scientist must believe in his theory. As far as I am concerned "I do not believe in belief," as E. M. Forster says; and I especially do not believe in belief in science. I believe at most that belief has a place in ethics, and even here only in a few instances. I believe, for example, that objective truth is a value - that is, an ethical value, perhaps the greatest value there is - and that cruelty is the greatest evil. — Karl R. Popper

Oliver used to have a theory he called Love, etc.: in other words the world divides into people for whom love is everything and the rest of life is a mere 'etc.,' and people who don't value love enough and find the most exciting part of life is the 'etc. — Julian Barnes

I share your feeling that such behavior is, in some sense, unwise or erroneous, but this does not mean that it does not occur,' Amos wrote to an American economist who complained about the description of human nature implied by 'Value Theory.' 'A theory of vision cannot be faulted for predicting optical illusions. Similarly, a descriptive theory of choice cannot be rejected on the grounds that it predicts 'irrational behavior' if the behavior in question is in fact observed. — Michael Lewis

Every non-Marxist economic theory that treats human and non-human productive inputs as interchangeable assumes that the dehumanisation of human labour is complete. But if it could ever be completed, the result would be the end of capitalism as a system capable of creating and distributing value. — Yanis Varoufakis

I don't think anybody's really been successful with theorizing about value or creating a price theory. — P. J. O'Rourke

We can measure the fine structure constant with very great precision, but so far none of our theories has provided an explanation of its measured value. One of the aims of superstring theory is to predict this quantity precisely. Any theory that could do that would be taken very seriously indeed as a potential 'Theory of Everything'. — John D. Barrow

Fiscal considerations have led to the promulgation of a theory that attributes to the minting authority the right to regulate the purchasing power of the coinage as it thinks fit. For just as long as the minting of coins has been a government function, governments have tried to fix the weight and content of the coins as they wished. Philip VI of France expressly claimed the right "to mint such money and give it such currency and at such rate as we desire and seems good to us" and all medieval rulers thought and did as he in this matter. Obliging jurists supported them by attempts to discover a philosophical basis for the divine right of kings to debase the coinage and to prove that the true value of the coins was that assigned to them by the ruler of the country. — Ludwig Von Mises

The older theories, which started from an erroneous conception of the social demand for money, could never arrive at a solution of this problem. Their sole contribution is limited to paraphrases of the proposition that an increase in the stock of money at the disposal of the community while the demand for it rClnains the same decreases the objective exchange-value of money, and that an increase of the demand with a constant available stock has the contrary effect, and so on. By a flash of genius, the formulators of the Quantity Theory had already recognized this. We cannot by any means call it an advance when the formula giving the amount of the demand for money (Volume of Transactions + Velocity of Circulation) was reduced to its elements. — Ludwig Von Mises

As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to our clients for a quarter century-a dollar invested at inception in our largest fund is now worth over 94 dollars, a 20% net compound return. We have achieved this not by incurring high risk as financial theory would suggest, but by deliberately avoiding or hedging the risks that we identified. — Seth Klarman

Perhaps many of the security analysts are handicapped by a flaw in their basic approach to the problem of stock selection. They seek the industries with the best prospects of growth, and the companies in these industries with the best management and other advantages. The implication is that they will buy into such industries and such companies at any price, however high, and they will avoid less promising industries and companies no matter how low the price of their shares. This would be the only correct procedure if the earnings of the good companies were sure to grow at a rapid rate indefinitely in the future, for then in theory their value would be infinite. And if the less promising companies were headed for extinction, with no salvage, the analysts would be right to consider them unattractive at any price. — Benjamin Graham

Voltaire remarked that it is possible to kill a flock of sheep by witchcraft if you give them plenty of arsenic at the same time. The sheep, in this figure, may well stand for the complacent apologists of capitalism; Marx's penetrating insight and bitter hatred of oppression supply the arsenic, while the labour theory of value provides the incantations. — Joan Robinson

If we increase r [in a logistic map] even more, we will eventually force the system into a period-8 limit cycle, then a period-16 cycle, and so on. The amount that we have to increase r to get another period doubling gets smaller and smaller for each new bifurcation. This cascade of period doublings is reminiscent of the race between Achilles and the tortoise, in that an infinite number of bifurcations (or time steps in the race) can be confined to a local region of finite size. At a very special critical value, the dynamical system will fall into what is essentially an infinite-period limit cycle. This is chaos. — Gary William Flake

A theory is only as good as its assumptions. If the premises are false, the theory has no real scientific value. The only scientific criterion for judging the validity of a scientific theory is a confrontation with the data of experience. — Maurice Allais

To plead the organic causation of a religious state of mind, then, in refutation of its claim to possess superior spiritual value, is quite illogical and arbitrary, unless one has already worked out in advance some psycho-physical theory connecting spiritual values in general with determinate sorts of physiological change. Otherwise none of our thoughts and feelings, not even our scientific doctrines, not even our DIS-beliefs, could retain any value as revelations of the truth, for every one of them without exception flows from the state of its possessor's body at the time. — William James

The rise of feminist underpants is a weird twist on Karl Marx's theory of commodity fetishism, wherein consumer products once divorced from inherent use value are imbued with all sorts of meaning. To brand something as feminist doesn't involve ideology, or labor, or policy, or specific actions or processes. It's just a matter of saying, 'This is feminist because we say it is. — Andi Zeisler

There is a gulf between the high value Americans put on life in theory and its cheapness in practice. — Elizabeth Joan Smith

The economists will have to revise their theories of value. — Albert Einstein

All index-number systems, so far as they are intended to have a greater significance for monetary theory than that of mere playing with figures, are based upon the idea of measuring the utility of a certain quantity of money. The object is to determine whether a gramme of gold is more or less useful to-day than it was at a certain time in the past. As far as objective use-value is concerned, such an investigation may perhaps yield results. We may assume the fiction, if we like, that, say, a loaf of bread is always of the same utility in the objective sense, always comprises the same food value. It is not necessary for us to enter at all into the question of whether this is permissible or not. — Ludwig Von Mises

We tend to suffer from the illusion that we are capable of dying for a belief or theory. What Hagakure is insisting is that even in merciless death, a futile death that knows neither flower nor fruit has dignity as the death of a human being. If we value so highly the dignity of life, how can we not also value the dignity of death? No death may be called futile. — Yukio Mishima

Even if index numbers cannot fulfill the demands that theory has to make, they can still, in spite of their fundamental shortcomings and the inexactness of the methods by which they are actually determined, perform useful workaday services for the politician. If we have no other aim in view than the comparison of points of time that lie close to one another, then the errors that are involved in every method of calculating numbers may be so far ignored as to allow us to draw certain rough conclusions from them. Thus, for example, it becomes possible to a certain extent to span the temporal gap that lies, in a period of variation in the value of money, between movements of Stock Exchange rates and movements of the purchasing power that is expressed in the prices of commodities. — Ludwig Von Mises

In network theory, the value of a system grows as approximately the square of the number of users of the system. — Robert Metcalfe

If the deep logic of what determines the value of the fine-structure constant also played a significant role in our understanding of all the physical processes in which the fine-structure constant enters, then we would be stymied. Fortunately, we do not need to know everything before we can know something. — John D. Barrow

The error I found in the philosophy of Henry George was its cocksureness, its simplicity, and the small value that it placed upon the selfish motives of men. The doctrine was a hang-over from the seventeenth century in France, when the philosophers had given up the idea of God, but still thought that there must be some immovable basis for man's conduct and ideals. In this dilemma they evolved the theory of natural rights. If 'natural rights' means anything it means that the individual rights are to be determined by the conduct of Nature. But Nature knows nothing about rights in the sense of human conception. — Clarence Darrow

The core of the doctrine consists in the proposition that the supply of money and the demand for it both affect its value. This proposition is probably a sufficiently good hypothesis to explain big changes in prices; but it is far from containing a complete theory of the value of money. It describes one cause of changes in prices; it is nevertheless inadequate for dealing with the problem exhaustively. By itself it does not comprise a theory of the value of money; it needs the basis of a general value theory. One after another, the doctrine of supply and demand, the cost-of-production theory, and the subjective theory of value have had to provide the foundations for the Quantity Theory. — Ludwig Von Mises

My lawyer's opinion is that the cops might not actually be able to charge me with criminal damage any more - because theoretically my graffiti actually increases the value of property rather than decreasing it. That's his theory, but then my lawyer also believes wearing novelty cartoon ties is a good look. — Banksy

Communication without a specific focus is just noise. It achieves little beyond taking time and energy. — David Amerland

To create a community where faith matters not just in theory but in reality, faith has to be a public value, not just a private one. — Donna Freitas

The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants. As long as there is a greater fool around the corner willing to pay a higher price, the value will continue to rise, — Ashwin Sanghi

Television hangs on the questionable theory that whatever happens anywhere should be sensed everywhere. If everyone is going to be able to see everything, in the long run all sights may lose whatever rarity value they once possessed, and it may well turn out that people, being able to see and hear practically everything, will be specially interested in almost nothing. — E.B. White

Economic theory dictates that the value of a company is basically the present value of its future profits. To estimate Facebook's value through its future profits, we need to have a view on its user growth and how this will evolve in the next 10 to 50 years. — Didier Sornette

I had always been interested in markets - specifically, the theory that in financial markets, goods will trade at a fair value only when everyone has access to the same information. — Pierre Omidyar

... theory is good for you because studying it expands your mind... Specific technical knowledge, though useful today, becomes outdated in just a few years. Consider instead the abilities to think, to express yourself clearly and precisely, to solve problems, and to know when you haven't solved a problem. These abilities have lasting value. Studying theory trains you in these areas. — Michael Sipser

In essence, then, the common picture of economic thought after Smith needs to be reversed. In the conventional view, Adam Smith, the towering founder, by his theoretical genius and by the sheer weight of his knowledge of institutional facts, single-handedly created the discipline of political economy as well as the public policy of the free market, and did so out of a jumble of mercantilist fallacies and earlier absurd scholastic notions of a 'just price'. The real story is almost the opposite. Before Smith, centuries of scholastic analysis had developed an excellent value theory and monetary theory, along with corresponding free market and hard-money conclusions. Originally embedded among the scholastics in a systematic framework of property rights and contract law based on natural law theory, economic theory — Anonymous

A sound theory of value demands something different. It demands that good should be original and evil a mere perversion; that good should be the tree and evil the ivy; that good should be able to see all round evil (as when sane men understand lunacy) while evil cannot retaliate in kind; that good should be able to exist on its own while evil requires the good on which it is parasitic in order to continue its parasitic existence. — C.S. Lewis

QUIRK THEORY: Many of the differences that cause a student to be excluded in school are the same traits or real-world skills that others will value, love, respect, or find compelling about that person in adulthood and outside of the school setting. — Alexandra Robbins

The truth and value of a theory does not depend on the number of people who are interested in it - otherwise you might compare the number of people who follow the predictions of astrologers in the daily press with those who attend lectures by Einstein, and conclude that astrology was more valuable and true than physics. — Dorothy L. Sayers

Direct experience is inherently too limited to form an adequate foundation either for theory or for application. At the best it produces an atmosphere that is of value in drying and hardening the structure of thought. The greater value of indirect experience lies in its greater variety and extent. History is universal experience, the experience not of another, but of many others under manifold conditions. — B.H. Liddell Hart

An organizational norm that says, "We value practice over theory but we value theory-informed practice over ad-hoc practice" helps to restore some respect for theory. We — Sriram Narayan

Theory without practice is of little value, whereas practice is the proof of theory.Theory is the knowledge, practice the ability. — Alois Podhajsky

We have one real candidate for changing the rules; this is string theory. In string theory the one-dimensional trajectory of a particle in spacetime is replaced by a two-dimensional orbit of a string. Such strings can be of any size, but under ordinary circumstances they are quite tiny, ... a value determined by comparing the predictions of the theory for Newton's constant and the fine structure constant to experimental values. — Edward Witten