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Ayn Rand & Ludwig Von Mises Discuss His Economic...

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Once Rand explained precisely, what she meant by the use of the term "objective," apparently Mises agreed, that his use of the term "subjective," in the economic "subjective theory of value," would have been better named, as "objective." ie. "Objective Theory of Value."

Does anyone know the precise source of the above information? It is somewhere, in the vast literature on objectivism........ but where?

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I don’t know anything about this story, but I think the point is correct.

While we may value certain ends for rational or irrational, subjective or objective reasons, the fact that we do value the ends we value is an objective fact. Therefore prices, which are individual values expressed in action, are objective as well.

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From what I have read of Mises, he takes valuations as a starting point, not open to investigation within the field of economics. So, it is credible to think that he'd say people (at least some people) do come to their valuations objectively; I suspect that he would add that that is the concern of a philosopher, not an economist.

I suspect this is a flawed approach to Economics. I suspect that it would benefit Economics to explore the underlying elements that cause people to arrive at their valuations. A while ago, the Ayn Rand Bookstore used to sell tapes by Dr. Buechner: he has spoken extensively on objective value in Economics, and plans a book on the subject.

Edited by softwareNerd

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A while ago, the Ayn Rand Bookstore used to sell tapes by Dr. Buechner: he has spoken extensively on objective value in Economics, and plans a book on the subject.

I have not been able to find anything written by this author. His website is sponsored by capmag but there are no articles written by him and nothing turns up in the search. I also googled him an didn't come up with anything. Does anyone know what the deal is?

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From what I have read of Mises, he takes valuations as a starting point, not open to investigation within the field of economics. So, it is credible to think that he'd say people (at least some people) do come to their valuations objectively; I suspect that he would add that that is the concern of a philosopher, not an economist.

I suspect this is a flawed approach to Economics. I suspect that it would benefit Economics to explore the underlying elements that cause people to arrive at their valuations. A while ago, the Ayn Rand Bookstore used to sell tapes by Dr. Buechner: he has spoken extensively on objective value in Economics, and plans a book on the subject.

Is that not, as von Mises claims, the province of psychology?

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That's what I'm saying--he considers the investigation from whence value arises to be in the province of psychology. While this psychology might be of interest to bankers and businessmen, and perhaps even to economists, the actual act of studying it is not within the domain of economics, which is the study of the exchange of values. Likewise, epistemology might learn some useful information from psychology and visa versa, but they are properly speaking distinct subjects investigating distinct questions.

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