Probably the best demonstration that economic value is objective is Sraffa (1960).
The simplest model is a two-commodity world of simple reproduction: 280 bu. wheat + 12 tons iron = 400 bu. wheat 120 bu. wheat + 8 tons iron = 20 tons iron -------------------------------------------- 400 20 The exchange values of wheat and iron are determined without any reference to utility, marginalism, or any subjective aspects. Sraffa goes on to generalize this for a surplus producing system, with wages and profits, etc. Piero Sraffa, 1960, Production of Commodities by Means of Commodities, Cambridge University Press. David B. Shemano wrote: > I am truly curious -- do you (and others on this list) really, really, reject that value is subjective? It is so self-evidently true to me that it is hard for me to even conceptualize the opposite. I understand the labor theory of value as polemic, but as philosophically correct, I don't get it. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
