[OPE-L:4694] Re: value vs potential value

Michael William (mwilliam@compuserve.com)
Wed, 9 Apr 1997 14:11:49 -0700 (PDT)

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Michael Perelman:
> Is this a semantic question? If I produce a hat, which I think is worth
> units, but after the sale I realize that it is only worth 4, the value
> does not change after the sale; it is prior to the sale as Alan first
> said.

I think the issue is as to *why* the value is 4. IM (value-form)O the value
of the hat is not quantitatively determined until it (and the labour that
produced it) is socially validated by it successfully entering market
exchange as a commodity.
> To follow Mike L's suggestion all the way would lead us to a subjective
> theory of value.

I think not - value is socially not subjectively determined.

Dr Michael Williams
"Books are Weapons"

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