On the notion of value. A comparative analysis between economic and biophysical approaches

Abstract

The plurality of dimensions and topics covered by the SDGs reflects the need to assess the value of organizations, cities, and societies using a holistic approach that considers different dimensions and criteria. It is much needed to shift towards inter-disciplinary, multi-criteria and integrated perspectives, opening the door to views able to consider different scientific points of view when assessing the most “valuable” pillars in human societies. This need highlights a controversial question: “what do we mean when we refer to a concept so broad such as the one of “value” and its measurement”? The concept of value and welfare have changed throughout the years, also in relation to the historical context and societal structure and needs of the time. But time has not been the only factor in differentiating value theories. While most organically structured definitions of value have originated, as expected, from the developments of the economic discipline, this issue has also been addressed by scientists belonging to the biophysical realm. In this paper, a comparative overview of the main economic and biophysical value theories, developing from very different epistemological backgrounds, is provided. Results suggest the need to foster inter-disciplinary communication on the notion of value, which is an abstract construct at the root of our societies and economies.