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Value (ethics)

Personal value, basis for ethical action

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  • 6 labs on Lably

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Values can be defined as broad preferences concerning appropriate courses of actions or outcomes. As such, values reflect a person's sense of right and wrong or what "ought" to be. "Equal rights for all", "Excellence deserves admiration", and "People should be treated with respect and dignity" are representatives of values. Values tend to influence attitudes and behavior, and these types include moral values, doctrinal or ideological values, social values, and aesthetic values. It is debated whether some values that are not clearly physiologically determined, such as altruism, are intrinsic, and whether some, such as acquisitiveness, should be classified as vices or virtues.

Fields of study

Value may be regarded as a study under ethics, which, in turn, may be grouped as philosophy. Similarly, ethical value may be regarded as a subgroup of a broader field referred to as axiology. Ethical value denotes something's degree of importance, with the aim of determining what action or life is best to do, or at least attempt to describe the value of different actions.

Value theory, the study of ethical value, includes the use of other disciplines, such as: anthropology, behavioral economics, business ethics, corporate governance, moral philosophy, political sciences, social psychology, sociology and theology.

Similar concepts

Ethical value is sometimes used synonymously with goodness. However, "goodness" has many other meanings and may be regarded as more ambiguous.

Social value is a concept used in the public sector and in philanthropic contexts to cover the net social, environmental and economic benefits of individual and collective actions for which the concepts of economic value or profit are inadequate. For example, UK public procurement legislation refers to "social value" in its requirement that public bodies commissioning public services take account of the social, environmental and economic well-being of the area where a contract will be delivered: see Public Services (Social Value) Act 2012. Local authorities have adopted "social value" policies which facilitate a fair and consistent approach to implementing this duty: for example, Cornwall Council's Social Value policy notes that "bringing consistency in performance and our outcomes will mean that the process for defining social value will be standardised". In regard to central government procurement, the "Social Value Model" aims to ensure that comparable benefits are secured through procurement, and the Welsh government refers to "social value requirements" and "social value clauses" in its own public procurement guidance. The Bill & Melinda Gates Foundation refers to "social value creation" as a quantifiable objective in public policy and philanthropic decision-making.

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