Re: [OPE-L] Lawrence Krader on objective and subjective value

From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Wed Nov 07 2007 - 18:03:07 EST

This is platitudious. Subjective valuation is only relevant to how a person spends their income on the commodities sold at the prices then prevailing. The subjective estimate we make of the value of a good is based on our experience of what it normally sells for, which is determined objectively.

Paul Cockshott

-----Original Message-----
From: OPE-L on behalf of Jurriaan Bendien
Sent: Wed 11/7/2007 6:05 PM
Subject: [OPE-L] Lawrence Krader on objective and subjective value
In the attempt to achieve a better theoretization of value in a totality, I think Lawrence Krader's ideas are helpful:

"Whenever Marx writes of [economic] value, he means objective social value. The Austrian economists hold to a purely subjective theory of [economic] value. Neither of these views is wrong; each has a valid part of the whole. Human relations are both subjective and objective; natural relations are thingly. To take the subject away from the object or the object from the subject is to make of the human being an angel or a beast. For Krader, value is the expression of an estimation, of choice, of an evaluation in which both a subjective and objective process are operative. (...) Krader emphasizes... that the human order is both objective and subjective; both are equally constitutive of the human being. The exclusion of the latter is a reification, just as the exclusion of the former is a mysticization of human being."

Rod Hay & Cyril Levitt, "New Developments in the Labour Theory of Value", in: Dittmar Schorkowitz, Ethnohistorische Wege und Lehrjare eines Philosophen. Frankfurt: Peter Lang, 1995, pp.89-90.


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