In light of the rising debate of capitalism vs. corporatism vs. socialism, and how these economic systems are being applied to the US today... I'm curious to know which economic value theory do you tend to accept in your own opinion? Intrinsic value theory or subjective value theory? As one's idea of value theory tends to become a foundation for their economic ideals, and one's economic ideals tends to pave the way for their political philosophies. Feel free to comment further if you wish, it may be interesting to get some engaging discussion on this subject, especially with the looming healthcare reform.
Subjective all day long. However, I would add a caveat based on my religious and philosophical beliefs. Though goods are subjective, man's labor is of objective intrinsic value, both existentially and economically. That doesn't mean all persons ought to be compensated the same, but instead that individuals have a right (in the true sense of the word) to be able to earn a living wage from the fruit of their labor.
I will throw the cat in the blender and suggest "Labour theory of value" as my nirvana.. Very straight forward.. Want something.. Work for it..
This isn't really a necessary caveat because it's still subjective. In subjective value theory, both parties of an exchange subjectively value the thing being exchanged. So a guy trying to exchange his labor, for instance, places a value on that labor subjective to him, while the other party of the exchange also places a subjective value on that labor. So there's subjective value on both ends of the exchange. There isn't a set, or objective, value on the labor. That falls under intrinsic value theory, I believe. Not sure if you voted other or not.
Who believes in intrinsic value and why? There's at least one of you according to the poll. EDIT: In my book, value is all in our heads. Westerners conquered and enslaved millions of Native Americans to mine silver and gold which Native Americans valued less than good wool.
Seems like there's two so far, one of the 'Other' votes counts as intrinsic value theory. But I'm curious to hear the reasoning all the same, as well.
I don't disagree, in general. In terms of pure economics it is purely subjective. What I am asserting is this: existentially and philosophically, there is a minimum value for labor, and that value is a living wage. Thus adding a moral objective component. To be clear, I'm forcing a moral judgment onto an economic reality in order to limit the free functioning of economic exchanges and unrestricted contracting between parties. I hope that clarifies.
No I understand what you mean, and that's also why there's moral and non-moral facets of value theory, as I understand it. On another note, there's now 3 votes (30%) for 'WTF is Economic Value Theory' which I find rather disturbing
By a living wage I'm referencing the Catholic conception of the term, which encompasses not only a person being able to provide for themselves and their family (in terms of human needs like food, clothing, shelter, not a big screen TV and a new car) from the fruit of their labor, but also references that a person should not be exploited. This means that a person, from their work, should be able to do the above as well as start the process of accumulating some minor wealth for themselves, provided they live morally and thrifty I didn't feel like starting a big debate with Shade, but I am asserting that human labor has an intrinsic and objective minimum existential value, and the value beyond that minimum is subjective as the laws of economics demand. How this minimum is achieved obviously varies from time to time and place to place, just as what the minimum is varies. FAKE EDIT: After I finished writing I decided to check wiki, it has some good basic info and quotes from Rerum Novarum: Living wage - Wikipedia, the free encyclopedia
Ok, thanks for clarifying. Although, I'm not sure what relevance your assertion has to this thread. Yes, human labor has an intrinsic and objective minimum existential value. I doubt we'll ever be able to actually quantify that into something we can easily measure, but ok, I'll buy it.