Value(s) audiobook cover - Building a Better World for All

Value(s)

Building a Better World for All

Mark Carney

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Categories:
Society & CulturePoliticsEconomicsNature & the Environment

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Value(s)
The Paradox of Value+
Historical Evolution of Value+
Flaws of Subjective Value Theory+
Climate Crisis Case Study+
Values-Based Leadership+

Quiz — Test Your Understanding

Question 1 of 7
According to the text, what is a primary reason for the modern 'paradox of value'?
  • A. We have equated intrinsic human needs with subjective market prices.
  • B. We have prioritized use value over exchange value in global markets.
  • C. We have failed to transition from objective to subjective theories of value.
  • D. We have placed too much emphasis on natural wealth rather than artificial wealth.
Question 2 of 7
How does the text characterize Adam Smith's actual views on capitalism and markets?
  • A. He believed that pure self-interest and the 'invisible hand' alone were sufficient to regulate markets.
  • B. He argued that market mechanisms should be completely replaced by state-directed moral frameworks.
  • C. He believed that economic behavior must be constrained by human sympathy and moral sentiment.
  • D. He asserted that exchange value should always dictate the use value of commodities.
Question 3 of 7
How does the text distinguish between 'value creation' and 'value extraction'?
  • A. Value creation is driven by subjective market forces, while value extraction is driven by intrinsic human needs.
  • B. Value creation benefits society as a whole, whereas value extraction enriches individuals without providing broader benefits.
  • C. Value creation applies only to physical goods, while value extraction applies exclusively to financial services.
  • D. Value creation focuses on short-term corporate profits, while value extraction focuses on long-term environmental sustainability.
Question 4 of 7
Why is Gross Domestic Product (GDP) cited as a flawed measure under subjective value theory?
  • A. It places too much emphasis on the long-term economic benefits of social welfare systems.
  • B. It measures utility rather than welfare, completely ignoring unpriced outputs like unpaid care work.
  • C. It overvalues the intrinsic worth of natural resources like the Amazon rainforest.
  • D. It relies exclusively on objective measures of production rather than consumer preferences.
Question 5 of 7
How do standard corporate discount rates and financial timelines contribute to the climate crisis?
  • A. They systematically undervalue long-term climate action by making investments beyond ten years appear financially worthless.
  • B. They artificially inflate the cost of renewable energy transitions, making fossil fuels seem cheaper.
  • C. They force companies to price atmospheric absorption capacity too highly, stalling economic growth.
  • D. They extend monetary policy horizons too far into the future, ignoring immediate economic needs.
Question 6 of 7
What did the Greek philosopher Aristotle mean by his criticism of 'chrematistics'?
  • A. The failure of markets to efficiently distribute natural resources during times of scarcity.
  • B. The tendency of governments to over-regulate the creation of natural wealth.
  • C. The art of making money for its own sake, which he believed corrupted society's moral fabric.
  • D. The transformation of human labor into a tradable commodity.
Question 7 of 7
Which of the following is NOT one of the five key attributes of values-led leadership proposed in the text?
  • A. Purpose
  • B. Profitability
  • C. Perspective
  • D. Humility

Value(s) — Full Chapter Overview

Value(s) Summary & Overview

Value(s) (2021) examines how we’ve allowed economic value and social values to become fatally blurred, transforming from a market economy into a market society where essential workers and environmental protection are systematically undervalued while financial speculation is rewarded. It demonstrates how embedding sustainability, solidarity, and responsibility into all decision-making can channel market dynamism to turn society’s greatest challenges into opportunities. 

Who Should Listen to Value(s)?

  • Business leaders wanting to align profits with social purpose
  • Policymakers aiming to regulate markets for societal benefit
  • Economics students seeking to grasp how economic theory has failed society

About the Author: Mark Carney

Mark Carney served as Governor of the Bank of England from 2013 to 2020 and was previously Governor of the Bank of Canada, making him the first non-British citizen to lead the Bank of England in its 300-year history. A prominent voice on climate finance and sustainable economics, he has held senior roles including UN Special Envoy for Climate Action and Finance, and Vice Chairman at Brookfield Asset Management.

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