Exchange value is a broader idea that is central in engineering because it focuses upon a mutually agreed exchange of resources such as time, information talent, and future possibility as well as monetary value.
Engineering programs that emphasize entrepreneurial mindset do not simply relegate the treatment of value to a collection of time-value-of-money calculations within in an engineering economics course. Rather, faculty and staff design programs that build a habit of mind within students to habitually consider exchange value, always ready to answer one of the questions that former DARPA director, George Heilmeier, famously asked of proposers, “Who cares? If you are successful, what difference will it make?”4
The good news is that others are recognizing that economic value theory should be integral to engineering and part of classroom discussions.5 In an effort to help graduates become responsible citizens of society, their understanding of economic value can be accompanied with a developed understanding of societal value. Some great resources simultaneously highlight both economic and societal value.