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To: Wildstar who wrote (119)	9/16/2002 2:12:49 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 445

Wildstar, Your example seems OK, but I have come to believe that assigning valuations to individual goods (means) as opposed to ends is an oversimplification. If you've read the appropriate parts of Mises, then you will realize the emphasis that he places on ordinal (rank order) valuations, as opposed to cardinal (magnitude) valuations. When I'm planning on what exchange actions to take tomorrow, what I rank is my expected subjective state of satisfaction as of tomorrow evening. Each state includes a particular combination of exchanges of various goods, including money, achievable with existing resources. Individual goods are means to these possible end states. For the highest ranked state, no additional exchange, or combination of exchanges can produce a higher ranked state. See if reading the above makes any more sense out of : For a consumer in a money-based market economy, the existing market array of the money prices of goods, as perceived, is the primary external factor that determines his subjective ordinal rankings of the comprehensive states of satisfaction achievable through the actions of exchanging money for goods, as well as providing a basis for valuing as future purchasing power the remaining cash balances included in those states. In turn, the exchange actions taken help determine the future market array of the money prices of goods by sequentially removing the chosen goods from the market beginning from the low end of their price distributions. Regards, Don