Exchange is Creation

Over at Meteuphoric, the ever-insightful Katja Grace makes some interesting points about subjective value and the role of moral intuitions when applied to a misbegotten assumption of objective value.

Now, I don't know about the rest of you fine economics educators out there in the audience, but to me, teaching subjective value is like voting in Russia: do it early and do it often. If Katja is right (and my priors are pretty strong that she is), the (dreadfully wrong) view of objective value is widespread in the public. Indeed, it is enshrined in land valuation done by the BLM. Overcoming this fallacy is one peg in the Big Top Revival Tent of Euvoluntary Exchange*.



*Reformed People's Front (splitters!)