ABSTRACT
Neoclassical economic theory asserts that value can be derived from the interaction of the market supply and demand for a particular good or service. In societies with market economies, assuming that a good’s value is synonymous with the good’s market price is often appropriate. The great advantage of equating price with value is that price provides a common metric by which to compare value across a wide range of goods and services. In most cases, assigning a market price changes neither the production of the good nor how the good is used. However, some social scientists and policy makers argue that the marketization of particular goods and services, for example the topic of this chapter—knowledge—can affect the product itself, crowding out particular behaviors of producers and consumers based on the value assigned and altering the nature of the good or service produced.
