> For one thing, markets define value rather simply: a simple majority vote where present and future votes are discounted.
Well it's a bit more fiddly than that. A better analogy is that markets integrate individual tradeoffs. That is, value is constantly established by exchange: I give up 2X for 4Y. I value X at 2Y at the moment.
Economists call this "subjective value". The point being that no objective measure can be thought of which isn't circular or ultimately subjective, relying on some exogenous assignment of value.
If I say 'value' is something like 'hours of labour', then I've just pushed back the definition. Why are labour hours valuable? If it's 'ability to support life', I've merely promoted life-support to a higher value and ignored all other considerations; but are all economic decisions so made with a singular objective? Again I've just made a subjective judgement about what is and isn't valuable.
> For one thing, markets define value rather simply: a simple majority vote where present and future votes are discounted.
Well it's a bit more fiddly than that. A better analogy is that markets integrate individual tradeoffs. That is, value is constantly established by exchange: I give up 2X for 4Y. I value X at 2Y at the moment.
Economists call this "subjective value". The point being that no objective measure can be thought of which isn't circular or ultimately subjective, relying on some exogenous assignment of value.
If I say 'value' is something like 'hours of labour', then I've just pushed back the definition. Why are labour hours valuable? If it's 'ability to support life', I've merely promoted life-support to a higher value and ignored all other considerations; but are all economic decisions so made with a singular objective? Again I've just made a subjective judgement about what is and isn't valuable.