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

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Yes all of these maybe true, but these are the purview of cognitive
psychology not of political economy.




Hi Paul:

Insofar as there are  temporal and spatial causes  for the periodic and
systematic variation between value and market price, this is related to
demand and that topic is within the purview of political economy.

Insifar as expectations can affect prices, this is a matter of  *social*
psychology and that also is within the purview of political economy
*more concretely considered* and connected to changes that occur
over the course of the trade cycle.

In solidarity, Jerry



There are a # of problems with this conception, including:
-- what a good "normally" sells for changes over the course of the trade
cycle.
-- what a good "normally" sells for is related to the form of
competition in a market,
    e.g. is there product differentiation, monopoly power, etc?
-- what is considered "normal" depends, in part,  on (subjective)
expectations.
-- standards of what is considered to be "normal" vary spatially (and,
as >noted above, temporally).

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