Social Value: A Study in Economic Theory, Critical and Constructive

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"Social Value: A Study in Economic Theory, Critical and Constructive" by B. M. Anderson, Jr. is a scholarly work in economic theory written in the early 20th century. The text delves into the concept of social value, its criticism, and a constructive approach to developing a valid theory of value that serves both economic analysis and social understanding. The book emerges from contemporary debates within economics, reflecting the author's academic background and intellectual discourse at the time, particularly influenced by previous economists like Professor J. B. Clark. The opening of the work establishes the context for discussing the increasingly significant notion of "social value." It acknowledges the foundational contributions of J. B. Clark while setting the stage for a critique of existing theories that conflate individual and social values. The introduction outlines the author's position that current concepts of social marginal utility and social cost are inadequate, necessitating a deeper exploration of the relationship between individual values and social constructs. Anderson emphasizes the need to address the logical requirements of value in order to reconstruct economic theory based on sound epistemological and sociological foundations.