[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-40164-en":3,"doc-seo-40164-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},40164,962075006959,"Anda","https://ap-avatar.wpscdn.com/avatar/e0002397efbe92a78e?_k=1776741047341049297",8,"Research & Report","The Empire of Value A New Foundation for Economics","Explores value as a social construction rather than a purely economic substance, building a critique of political economy and conventional market assumptions. Develops a theory of money and value grounded in confidence, shared emotion, and institutional forms, drawing on Durkheim’s perspective and the role of religion. Extends the framework to financial valuation, liquidity, speculation, and self-referential finance. Analyzes the 2003–2008 euphoria and the 2007–2008 subprime crisis through mechanisms like securitization, credit risk underestimation, and deleveraging.","The Empire of Value  \nThe Empire of Value  \nA New Foundation for Economics  \nAndré Orléan  \ntranslated by M. B. DeBevoise  \nThe MIT Press Cambridge, Massachusetts London, England  \n© 2014 Massachusetts Institute of Technology  \nOriginally published in 2011 by Éditions du Seuil under the title L’empire de la valeur. Refonder l’économie. Support for this publication was provided by Imitatio, a project of the Thiel Foundation.  \nAll rights reserved. No part of this book maybe reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher.  \nMIT Press books may be purchased at special quantity discounts for business or sales promotional use. For information, please email special_[sales@mitpress.mit.edu](sales@mitpress.mit.edu) or write to Special Sales Department, The MIT Press, One Rogers Street, Cambridge, MA 02142.  \nThis book was set in Palatino LT Std by Toppan Best-set Premedia Limited, Hong Kong. Printed and bound in the United States of America.  \nLibrary of Congress Cataloging-in-Publication Data  \nOrléan, André .  \n[Empire de la valeur. English]  \nThe empire of value : a new foundation for economics / André Orléan ; translated by M. B. DeBevoise.  \npages cm  \nTranslation of the author ’s L’empire de la valeur.  \nIncludes bibliographical references and index.  \nISBN 978-0-262-02697-0 (hardcover : alk. paper) 1. Value. 2. Economics. I. Title. HB201 .O6713 2014  \n338.5'21—dc23  \n2013035291  \n10 9 8 7 6 5 4 3 2 1  \nContents  \nA Note on the Translation vii  \nTables and Figures ix  \nIntroduction 1  \nPart I Critique of Political Economy  \n1 Substance Value 9  \nThe Substance Hypothesis • Barter and the Exclusion of Money  \n• The Undervaluing of Exchange • Order from Disorder • The  \nFetishism of the Commodity • A Singular Science  \n2 Market Objectivity 37  \nThe Utilitarian Relationship to Things and the Problem of  \nGeneral Equilibrium • Walrasian Adjustment and Mediation by  \nPrice • The Mimetic Hypothesis • Asymmetric Information,  \nQuality, and Conventions • Uncertainty and Money • Market  \nObjectivity and Ideal-Type Models  \n3 Scarcity and Status 85  \nUtility versus Prestige • Scarcity Reconsidered • Veblen’s  \nTheory of Emulation • The Mimetic Model of Competition  \n• A Return to Value  \nPart II The Institution of Value  \n4 Money 107  \nMoney versus Value • The Conceptual Origins of Money  \n• Currency Crises • The Objectivity of Value • The Quantity  \nTheory of Money • Economics and the Social Sciences  \nvi Contents  \n5 A New Approach to Value 141  \nMoney and Confidence • Common Emotion • Durkheim’s Theory of Value • The Role of Religion • The Liberal Conception of Money • Monetary Miracles  \nPart III Market Finance  \n6 Financial Valuation 175  \nThe Probabilistic Postulate and the Intrinsic Value of Shares  \n• The Efficiency of Financial Markets • Radical Uncertainty and the Irreducible Subjectivity of Individual Valuations  \n7 Liquidity and Speculation 197  \nEnterprise and Speculation • Liquidity as a Social Institution  \n• Self-referentiality and Conventional Belief • The Inefficiency of Financial Markets • Excessive Volatility, Speculative Bubbles, and Blindness to Disaster • Liquidity and Convention  \nPart IV Self-referential Finance and the Subprime Crisis  \n8 Euphoria: 2003 to 2007 241  \nThe Real-Estate Bubble • The Credit Bubble • The Mechanisms of Euphoria • Securitization and the Role of Economists • The Underestimation of Credit Risk • Bubble or No Bubble?• The Market Weighs In  \n9 The Crisis: 2007 to 2008 285  \nThe Panic of August 2007 • Deleveraging • The Role of Financial Liquidity  \nConclusion 311  \nReferences 325  \nIndex 343  \nA Note on the Translation  \nThe present edition constitutes a substantially revised and enlarged version of the book first published in France by Le Seuil in 2011.  \nThe two chapters that make up the fourth section, dealing with the financial crisis of 2007 to 2008 and","cbCaio2d7xmUZ4jJ","https://ap.wps.com/l/cbCaio2d7xmUZ4jJ","pdf",4868666,2,1,361,"English","en",105,"# Introduction\n# Part I Critique of Political Economy\n## Substance Value\n## Market Objectivity\n## Scarcity and Status\n# Part II The Institution of Value\n## Money\n## A New Approach to Value\n# Part III Market Finance\n## Financial Valuation\n## Liquidity and Speculation\n# Part IV Self-referential Finance and the Subprime Crisis\n## Euphoria: 2003 to 2007\n## The Crisis: 2007 to 2008\n# Conclusion\n# References\n# Index","[{\"question\":\"What core idea guides the book’s approach to value and economics?\",\"answer\":\"Value is treated as something produced through social relations and institutions, not as a fixed economic substance. 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Financial liquidity and self-referential dynamics are central to the explanation.\"}]",1783305254,910,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"the-empire-of-value-a-new-foundation-for-economics","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,47,50],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":20},"https://docshare.wps.com/document/","Document",{"item":48,"name":12,"@type":43,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":43,"position":52},"https://docshare.wps.com/document/the-empire-of-value-a-new-foundation-for-economics/40164/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-13","2026-07-06",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What core idea guides the book’s approach to value and economics?","Question",{"text":75,"@type":76},"Value is treated as something produced through social relations and institutions, not as a fixed economic substance. 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