[FoRK] Subjective value

Mark Neely <mpn at infolution.com.au> on Thu Aug 23 14:58:46 PDT 2007

At the risk of a tautological loop...it depends at which point you are
measuring value.

Let's say I place the value of X upon an object I currently own. You own
a different object, which (to me) has a value of X+1. You, however,
place the value of X upon the object you own, and value my object X+1.

When we do a trade, we each receive an item with a perceived higher
value than that for which we traded it. Of course, we might both think
we got the 'better' deal, when we consider the relative value of the
item traded with the item received, but again, this is purely
subjective.

It remains simultaneously true that both parties received equal value
and yet traded something of lower value for something of higher value.

Regards,

Mark

-----Original Message-----
From: fork-bounces at xent.com [mailto:fork-bounces at xent.com] On Behalf Of
James Tauber
Sent: Thursday, 23 August 2007 12:09 PM
To: Friends of Rohit Khare
Subject: Re: [FoRK] Agreeing to agree

Actually both buyer and seller are receiving more value than they are
giving otherwise they wouldn't trade.

The subjective theory of value seems so obvious to me I find it
remarkable that people from Adam Smith to Karl Marx didn't see it.

Although often associated with the Austrian school (which I have strong
sympathies for), Demokritos of ancient Greek atomic theory fame
suggested it back in his day.

James




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