[OPE-L:4696] Re: value vs potential value

Michael_A._Lebowit (mlebowit@sfu.ca)
Wed, 9 Apr 1997 14:32:13 -0700 (PDT)

[ show plain text ]

In message Wed, 9 Apr 1997 08:18:54 -0700 (PDT),
Michael Perelman <michael@ecst.csuchico.edu> writes:

> Is this a semantic question? 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; it is prior to the sale as Alan first
> said.

Neither before nor after the sale does your opinion matter as to the value
of that hat. What matters is society's stopwatch (better yet, time-clock---
which has stamped that hat at 4 units in this particular case). And, if the
hat could not be sold, it wouldn't mean that it suddenly had no value prior
to the sale (despite your efforts) but, rather, that what it only had was a
putative, potential value which was not made real.

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

I don't see how.

in solidarity,
Michael A. Lebowitz
Economics Department, Simon Fraser University
Burnaby, B.C. Canada V5A 1S6
Office (604) 291-4669; Office fax: (604) 291-5944
Home: (604) 872-0494; Home fax (with warning): (604) 872-0485
Lasqueti Island (250) 333-8810