[OPE-L:4691] Re: value vs potential value

Gerald Lev (glevy@pratt.edu)
Wed, 9 Apr 1997 10:12:11 -0700 (PDT)

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Michael P wrote in [OPE-L:4689]:

> [...] If I produce a hat, which I think is worth 5
> units, but after the sale I realize that it is only worth 4, the value
> does not change after the sale;

You *estimate* that the (individual) value of your hat is worth 5 "units"
(of what?). You can not *know* what the value of the hat is after
production but prior to exchange. The "value" that you attach to the hat
is an "ideal value", yet the "real/actual value" may be less than what you
anticipated. In that case, the reality of the market shatters and
mocks your estimates.

> To follow Mike L's suggestion all the way would lead us to a subjective
> theory of value.

A rather bold assertion. Please explain.

In solidarity, Jerry