[OPE-L] Lawrence Krader on objective and subjective value

[Jurriaan Bendien <adsl675281@xxxxxxxxxx>]

If the phenomenon of value has both objective and subjective dimensions, a theory of value has to explicate the relationship between them, that is the real point. Human "valuers" operate in an environment in which values also exist in an objectified way, i.e. independent of their particular wills or consciousness. Subjectivist theories fail to explain the objectification of value, but objective theories fail to explain e.g. why, if no human valuers whatsoever are around, value does not exist, i.e. human valuers are presupposed in the objectification of value.

 

A price may be regarded as objective, but insofar as it is a negotiated price, subjective valuations are presupposed in its formation. At best we can say that the negotiated price occurs within certain limits, which may be objectively given. If hypothetically I seek to buy an Opel car, I may pay a thousand euro more or less, depending on its condition and what I can negotiate, but I wouldn't pay a million euro for it (unless it was made of gold etc.) presuming I owned a million euro to buy it with (wish that was true).

 

If we were to eliminate the subjective dimension of value, we would eliminate active human subjects. Presumably for a dynamic theory of capitalist development, we need to reckon with active human subjects whose subjective valuations have objective antecedents and consequences, i.e. whose actions are both determining and determined.

 

Jurriaan