Michael Perelman:
> 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.
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.
Michael
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Dr Michael Williams
"Books are Weapons"
Department of Economics Home:
School of Social Sciences 26 Glenwood Avenue
De Montfort University Southampton
Hammerwood Gate SO16 3QA
Kents Hill
Milton Keynes
MK7 6HP
tel:+1908 834876 tel/fax: +1703 768641
fax:+1908 834979
email: mwilliam@torres.mk.dmu.ac.uk mwilliam@compuserve.com
http://www.mk.dmu.ac.uk/~mwilliam