Individual versus Subjective Values

Abstract

The objective of this essay is to recast the familiar subjective value theory underlying neo‐classical (including Austrian) economics as more of an objectivist albeit individual value theory. The body of scientific economics remains intact, as well as the political economic implication of value diversity (which the price system of the marketplace alone can fully accommodate). What changes is the view that economic science must assume the meta‐ethical position of subjectivism and non‐cognitivism, a position that certainly has no place within economics proper and one that aside from facing many philosophical difficulties is also incredible from the viewpoint of common sense (thus posing as an obstacle to the plausibility of neo‐classical economics when introduced into ordinary political discourse and evaluated comparatively (e.g. vis‐à‐vis varieties of Marxist economics).

Citation

Machan, T.R. (1989), "Individual versus Subjective Values", International Journal of Social Economics, Vol. 16 No. 8, pp. 49-59. https://doi.org/10.1108/03068298910132972