From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Thu Nov 08 2007 - 05:10:58 EST
Yes all of these maybe true, but these are the purview of cognitive
psychology not of political economy.
-----Original Message-----
From: OPE-L [mailto:OPE-L@SUS.CSUCHICO.EDU] On Behalf Of GERALD LEVY
Sent: 08 November 2007 02:33
To: OPE-L@SUS.CSUCHICO.EDU
Subject: Re: [OPE-L] Lawrence Krader on objective and subjective value
>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
cycle.
-- 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)
expectations.
-- standards of what is considered to be "normal" vary spatially (and,
as
noted above,
temporally).
In solidarity, Jerry
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