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The Nature of ValueHow to Invest in the Adaptive Economy$
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Nick Gogerty

Print publication date: 2014

Print ISBN-13: 9780231162449

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231162449.001.0001

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PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 26 September 2021

Value and Why It Matters

Value and Why It Matters

(p.16) Chapter Two Value and Why It Matters
The Nature of Value

Nick Gogerty

Columbia University Press

This chapter examines value more closely, showing how a better understanding of value can lead to a better understanding of the economy's behavior. It presents the economy as an evolutionary system, with comparisons made between the economy and the ecology. It shows that evolution's complex system of life (ecology) is analogous to the continual flow of the adaptive economy. Understanding one adaptive system—or panarchy—helps us understand the other. As material knowledge and energy flow through it, a panarchy's structure changes, bifurcating into more complex forms and allowing for greater and more efficient throughput of material and energy. Adaptive systems do not lend themselves to reductionist thinking, but by looking at general patterns and rules, one can start to understand some of their traits, behaviors, and goals.

Keywords:   value, evolution, economic behavior, economy, evolutionary system, ecology, adaptive economy, adaptive system, panarchy

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