Abstract
The aim of this paper is to contribute to the advancement of a visible hands approach that incorporates both private and nonprivate values as the intended consequences of economic action, based on the concept of need and the value cocreation approach. A distinction is made between two types of beneficiaries of economic action: those who can act themselves and valuate the results of economic action, and those who cannot do either. The fact that cooperation is necessary to generate economic outcome does not mean that the intended goals can be achieved and that both types of beneficiaries are taken into account. To gain insights on the relevance of the distinction between the two types of beneficiaries for socioeconomic coordination, this paper introduces the concepts of need put forward by Carl Menger and Friedrich von Hermann. Referencing Menger’s epistemic-ethical concept of needs, the paper reconstructs his model of economic action. Drawing on its analysis, the paper presents a compilation of possible courses of action and an analysis of the basic structure of the valuation problems that arise for beneficiaries who are unable to valuate.
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