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

From: GERALD LEVY (gerald_a_levy@MSN.COM)
Date: Wed Nov 07 2007 - 21:32:59 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.

Hi Paul C:

There are a # of problems with this conception, including:

-- what a good "normally" sells for changes over the course of the trade

-- what a good "normally" sells for is related to the form of competition in
a market,
    e.g. is there product differentiation, monopoly power, etc?

-- what is considered "normal" depends, in part,  on (subjective)

-- standards of what is considered to be "normal" vary spatially (and, as
noted above,

In solidarity, Jerry

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