The economy as a process of valuation The Economy as Process of Valuation sheds new light on the potential benefits of concept and theory formation along dynamic and evolutionary lines for understanding economic processes. The emphasis is on aspects of the economy as a process of valuation rather than as a mechanistic result of transcendental forces yielding unique determinate results. The book begins by examining instrumentalism and the process of valuation arguing that to choose involves the process of valuation. It then focuses on Coasess work on institutions and considers the implications for a variety of subjects including the theory of the firm and the theory and policy of externalities all aspects of the economy as a process of valuation. This is followed by analyses of the concepts of coercion and cost in economics with special reference to one agents interest being another agents cost. Each elicits key aspects of analysis valuation and the complexities and conflictual nature of valuation processes and structures. Finally Kenneth Bouldings work on The Image is examined arguing that definitions of reality and values derive in part from language