[OPE-L:4708] Re: value vs potential value

Paul Cockshot (wpc@cs.strath.ac.uk)
Thu, 10 Apr 1997 02:10:02 -0700 (PDT)

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> From: Michael Williams <mwilliam@compuserve.com>
> I think the issue is as to *why* the value is 4. IM (value-form)O the
> 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.
> Michael
It may not be an individual subjectivist view, but it is in accord with
the Hayekian social subjectivism that is currently the chief ideological
enemy of socialist political economy.