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Pastimes : Austrian Economics, a lens on everyday reality
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To: Don Lloyd who wrote (205)4/27/2003 9:44:45 PM
From: Wildstar  Read Replies (1) of 445
 
Don,

Isn't the notion of a "curve" at odds with what you wrote here?

Message 16741402

While a belief in intrinsic values usually involves assigning a fixed money value to an economic good, the Subjective Theory of Value treats money as merely another economic good and treats all goods on a relative, rank order basis. Not only are different goods ranked by an individual on a single scale as to their subjective value, but the full spectrum of different quantities and combinations of all individual goods also occupy different gradation marks on the subjective value scale. Thus every possible combination of every possible quantity of every possible good are inherently ranked in order of subjective preference on the scale. However, this potentially infinitely complex grading process is actually limited to a conscious subset of goods that is of interest at a particular time. It is important to note that the distances between gradations on the scale are completely meaningless. Any two gradations can only be compared as to one being higher or lower in value than the other. No arithmetic is possible between gradations on a given individual's subjective value scale, and not even a comparison can be made with any other individual's scale.

If there is a shape to the "curve," then maybe the neo-classical economists are not wrong in plotting it and manipulating it?

Wildstar
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