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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
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
>
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.