Ondernemend Waarderen : Waarderend Ondernemen. De subjectiviteit van het begrip economische waarde

Abstract

The concept of economic value is widely used, but poorly understood. This study

takes the proper explanation of the concept of value, as derived from the

economists belonging to the Austrian School of Economics, as a starting point.

During the last decades a mainstream approach to business valuation developed. This study treats the question whether this mainstream approach is based on the ideas about value which developed in the Austrian School of Economics. If so, how? If not, is it possible to derive insights from the Austrian School in order to improve the way we value in daily life? Businesses are capital goods and these are pivotal in creating wealth. Based on the Austrian perspective only real savings can lead to the existence of capital goods. The real world is not like most textbook models featuring a circular flow. Man is able to create value and obtain a higher level of wealth. As an important sidestep a flow model, based on a so-called Petrinet, was constructed to show the growth creating character of capital goods. In order to investigate the way mainstream economists and practioners determine economic value a framework was developed to structure both the theoretical approach and everyday practice. Two illustrative examples demonstrate how to calculate economic value based on Austrian principles. Furthermore the mainstream approach of valuation and three real life cases are presented and commented upon.