Subjective Theory Of Value Research Articles

Is Utah the Most Sexist State? No

Abstract This paper critically examines the claim that Utah is “the most sexist state” in the United States, as suggested by a WalletHub report ranking it lowest in “Women’s Equality.” Utilizing an economic analysis from the Austrian School perspective, this study scrutinizes the data, metrics, and conclusions of reports by the Utah Women & Leadership Project (UWLP). The analysis focuses on distinguishing statistical disparities from sexism, proposing that observed gender inequalities in Utah are largely influenced by cultural and economic factors, particularly the state’s high marriage rate and traditional gender roles. Contrary to the notion that sexism predominantly drives gender disparities, the paper argues that personal choices and subjective value theory play significant roles in shaping these outcomes. The study highlights the importance of considering cultural context, individual preferences, and the marital asymmetry hypothesis when interpreting gender-related data, challenging the assertion that Utah’s gender disparities are primarily due to sexist attitudes. The findings suggest that Utah’s gender gaps in areas such as income and workforce participation are more accurately attributed to the state’s unique cultural and economic landscape rather than pervasive sexism.

Football players in light of economic value theory: Critical review and conceptualisation

AbstractFootball players represent the key assets of football clubs, and their value determination is therefore at the heart of clubs' investment and decision‐making processes. Unsurprisingly, the topic of player value has attracted the attention of scholars from various disciplines for decades. Despite this, there is a corpus of academic literature, which, although it works empirically with the relevant data, does not discuss any of the concepts related to the terms ‘value’ and ‘price’ in depth. Conversely, there are studies that do so but do not present a unified and coherent concept of the terminologies used. Consequently, no comprehensive definition of the value of football players seems to emerge from the literature. The central aim of this paper is to fill this gap. Based on a critical review of existing literature, we propose a unified framework embedded in subjective value theory, particularly as formulated by the Austrian school of economics. As a result, this work presents a theoretical basis for defining the use value and market value of football players, the comparison of which can improve clubs' decision‐making. In this context, we also discuss the conceptual validity of Transfermarkt values, a widely used crowd‐sourced valuation tool. Overall, we seek to strengthen the link between economic theory and practical management problems in the football industry. Furthermore, our results are not solely limited to football but are also applicable to athlete valuation in other sports.

Candyland Economics: Finding the Sweet Spot to Better Teach the Economics of International Trade Through an Interactive, Fun, and Delicious Game

International trade has been a central focus of economics since the inception of the discipline. Despite everything we have learned about the benefits of free trade, the topic remains one of the most difficult for students to comprehend, especially in today’s climate, where trade policy has become so polarizing. This paper describes a simple, easy-to-understand, student-involved, and dynamic trading game that is designed to cut through all the noise and controversy surrounding trade policy to convey essential insights about trade. It also describes how trading games like this one can serve as a jumping-off point for more in-depth discussions of a wide variety of economic topics related to the subjective theory of value and monetary economics.

The labourers in the vineyard, theory of value and agriculture

The purpose of this article was to investigate the potential that the labour and subjective theory of value in the agricultural context may have for the interpretation of Matthew 20:1–16. This investigation highlighted the divergence in wages between workers, the exuberant remuneration strategy of the landowner, his generosity, the indignation of the labourers hired first and the landowner’s reluctance to reimburse them. I argued that the classic labour theory of value provides an explanation of why the indignant labourers were angry and felt unjustly treated. However, it fails to account for the divergence in remuneration more appropriately addressed by subjective theory of value that focuses on the use value of goods and marginal utility. Finally, the agrarian theory provides perspective on the unwillingness of the landowner to reimburse the indignant labourers and the mystery of meaningful labour in agriculture that serves as a metaphor for the kingdom of heaven.Contribution: In the article, labour and subjective theory of value were introduced from an agrarian perspective to enlighten the hermeneutics of the parable.

Expected subjective value theory (ESVT): A representation of decision under risk and certainty

We present a descriptive model of choice derived from neuroscientific models of efficient value representation in the brain. Our basic model, a special case of Expected Utility Theory, can capture a number of behaviors predicted by Prospect Theory. It achieves this with only two parameters: a time-indexed “payoff expectation” (reference point) and a free parameter we call “predisposition”. A simple extension of the model outside the domain of Expected Utility also captures the Allais Paradox. Our models shed new light on the computational origins and evolution of risk attitudes and aversion to outcomes below reward expectation (reference point). It delivers novel explanations of the endowment effect, the observed heterogeneity in probability weighting functions, and the Allais Paradox, all with fewer parameters and higher descriptive accuracy than Prospect Theory.

Menger’s precursors in the German subjective-value tradition and his advancements in the theory of wants and goods

Menger made wants and goods the center of economic analysis. This paper locates his theory of wants and goods in the history of economic ideas, identifying major influences from the German subjective-value tradition of the 19th century. Our survey of select German economists prior to 1871 – Hufeland, Storch, Rau, Hermann, Mischler, Stein and Schäffle – discovers insights that highlight the subjective and processual nature of the wants-goods nexus, as does Menger’s approach. Menger’s process approach to economics had several precursors – the historical record is much more nuanced than previously recognized. Menger combined existing ideas on wants and goods into a novel, more coherent and productive framework. He portrayed human wants and the desire to satisfy them as the driving force propelling economic processes. Menger’s theory about wants and goods provided the foundations for his theory of subjective value. He showed how the simple idea that people value goods in light of their wants is the key to the most fundamental problems of economic theory, including value, price formation, production, distribution and economic development, and he applied this insight to explain complex economic processes in modern market economies. Menger’s work constitutes a major synthesis that advances earlier ideas (especially of Hermann, Mischler and Schäffle) on wants, goods and their interplay, and his focus upon complementarities of consumer goods constitutes yet a further advancement on German economics.

Analisa Utilisasi Mesin Blasting Tower Type Chun Horng CH-100ZA Untuk Mengetahui Tingkat Ketersediaan Mesin di PT.ABC

Utilization or often called a theory of subjective value (subjective value theory). In general, utilization is the benefit obtained from consuming goods. Utilization is a measure of the benefits of an item compared to its alternative use. The actual number of products at PT.ABC during the July-September 2019 period was smaller than the target number of products. For example, in September 2019 the targeted number of products was 3,432 pcs, but actually in that month only 3,282 were achieved. This condition is the basis for analyzing the utilization of the Blasting Tower Type Chun Horng CH-100ZA machine, to determine the level of machine availability at PT.ABC. The calculation method that will be used is MTBF (Mean Time Between Falure), MTTR (Mean Time To Repair), Availability and Utilization. With a target of 91% machine availability, it will be able to produce 100% target utilization. After calculating, the Availability value in July was 95.81%, in August it was 97.63%, and in September it was 94%, so the target utilization of 100% should have been fulfilled.

ROMANIAN CONTRIBUTIONS TO THE DEVELOPMENT OF THE PHILOSOPHY OF LAW

The foundation of culture and civilisation, philosophy and the great philosophical systems have been meditations on the nature, essence and purpose of human existence. Knowledge of the fundamental theories, concepts and ideas contained in the whole of legal philosophy, in the work of our philosophers and jurists, is not possible without a broad framework of philosophical and legal debate at world, or at least European, level. The present study falls into the category of restitutions due, in terms of knowledge and appreciation of the remarkable contributions of some Romanian specialists in the philosophy of law, many of which have long been forgotten, distorted, truncated or simply eliminated from the national scientific heritage. At the same time, the work aims to highlight the social need for philosophy of law, to highlight the value of Romanian contributions at a time when, in global society, there is a tendency to ignore and fade away specific valuable contributions, capable of entering the universal heritage of legal thought. In Romania, the beginnings of the philosophy of law coincide with the awakening of a unitary national sentiment, based on the idea of the Romanian origin of the nation. We can consider as important landmarks in the birth, evolution and development of the philosophy of law in Romania, the works of the chroniclers of the 17th and 18th centuries (some of whom were true philosophers of public law) or the first codification of private law, through the work of various jurists. The interwar period brought an increasing affirmation of the concerns devoted to the philosophy of law in Romania. We note the major contributions to the development and affirmation of the philosophy of law in Romania by authors such as Alexandru Văllimărescu, Traian Ionașcu, Petre Pandrea, Radu Goruneanu, Dumitru Drăghicescu. Eugeniu Speranția, author of an impressive work in the field of philosophy of law, was a first-rate thinker and true encyclopedic spirit. Mircea Djuvara was above all the Romanian authors who devoted their lives and work to legal-philosophical writings, a representative personality of Romanian culture, founder of an original system of thought of great theoretical and methodological value. What is the encyclopaedia of law; subjective and objective in law; thinking, judgement and the value of judgement; objective and subjective theory of value; the finality of law in relation to the judgement of legal value; the concept and idea of justice; legal methodology; the "problem" of subjective law. The relationship between the individual and the social environment (or the relationship between freedom and determinism); the relationship between law - morality - religion; the role and importance of the philosophy of law; the definition of law; norm and normativity; objective law - subjective law; the state - the outgrowth of the need for justice; spirit and law; the opposition between social and biological determinism, the modern doctrine of punishment, are just a few themes of reflection brought to Romanian philosophical thought and which are meant to highlight the real contribution of Romanian philosophers of law to the development and affirmation of the philosophy of law in the world as a whole, in an attempt to explain and evaluate the principles on which one of the major dimensions of human existence is based, the normative (ethical and legal) dimension.

Some notes on Gossen’s “submerged and forgotten” approach to consumption and time

Hermann Heinrich Gossen has traditionally been considered a forerunner of the neoclassical theory of demand. With the long-awaited publication, in 1983, of the English translation of Gossen’s book, its editor, Nicholas Georgescu-Roegen, saw in The Laws of Human Relations and the Rules of Human Action Derived Therefrom the roots of a wholly different theory of consumption choices than that generally accepted, one in which the flow of time plays a non-trivial role. However, Georgescu-Roegen’s interpretation did not object to Gossen being a precursor of the subjective theory of value. The paper argues, with evidence from the works of Gossen, Jevons, Menger and Walras, that, contrary to this interpretation, the theoretical connection between Gossen and the marginalist school is unwarranted in that Gossen, contrary to the early marginalists, was not concerned with adding to the theory of exchange the demand side which the classical British tradition had neglected. In fact, Jevons and Walras, concerned with building a demand-and-supply theory of price and with their relative merits as discoverers of the new approach, “elected” Gossen as their common precursor, despite the fact that Gossen explicitly rejected the idea that his laws of pleasure could bear any implication for the theory of exchage.

Is utility a measure of commodity value? On two different approaches to the subjective theory of value

This paper reviews two theories of utility. In Jevons’ theory, utility denotes an abstract quality of a commodity and value is derived from the knowledge of the utility of a commodity. Menger, however, argued that the concept of value cannot be associated with the fact that things are useful. Goods themselves are worthless unless a human assigns value to them. It is shown that utility as a measure of commodity value is a vague concept.

Carl Menger's Grundsätze as a Foundation for Contemporary Entrepreneurship Research

This paper takes the subjective value theory, conception of economic goods, and the hierarchy of needs from Carl Menger's Grundsätze der Volkswirtschaftslehre (1871) to elaborate a model of strategic entrepreneurship. Menger's account of subjective valuation by buyers of goods in market exchange fills a gap in most conceptual approaches to entrepreneurship, which are based on a highly impermeable boundary around the entrepreneurial firm. We examine how this account "closes" an economic model of entry for an entrepreneurial firm in an existing rivalry network by making the assessment of value explicit with respect to buyer needs relative to goods sold by incumbent firms. A formal representation of Menger's needs hierarchy in the face of qualitatively different market goods is the centerpiece of the strategic entrepreneurship model. This conceptual model is tied to methods of eliciting subjective valuations of product attributes and buyer needs fulfilment from the literatures of consumer behavior, marketing, and organizational psychology. This serves as a methodological basis for scholarship in entrepreneurship.

Coining Neoliberalism: Interwar Germany and the Neglected Origins of a Pejorative Moniker

Widespread academic use of the term neoliberalism is of surprisingly recent origin, dating to only the late 20th century. The vast and growing literature on this subject has nonetheless settled on an earlier origin story that depicts the term as self-selected moniker from the Walter Lippmann Colloquium, a 1938 Paris gathering of free-market academics that foreshadowed the post-war founding of the Mont Pelerin Society. This origin story, however, is a myth that likely derives from a misreading of French philosopher Michel Foucault, who first directed modern scholarly attention to the Paris gathering. By turning to neglected German-language sources, this study shows that the term and modern concept of neoliberalism predate the 1938 conference. Rather, neo/neu-liberalismus was first popularized by a succession of Marxist and Fascist political theorists in the early 1920s, who employed it as a term of disparagement against the Marginal Utility School of economic thought anchored at the University of Vienna. These critics of marginalism diverged sharply on the political far-left and far-right of interwar Austrian and German politics, but shared a common disdain for the theory of subjective value promoted by the Viennese circle around economist Ludwig von Mises. This earlier origin story of the term links it conceptually to modern-day uses, which often display a similar pejorative character to its interwar uses on the political left. It further helps to explain why several attendees of the 1938 conference, Mises among them, rejected the proposed term.

Mapping walkability. A subjective value theory approach

The analysis of urban walkability has been extensively explored in the last decades. Despite this growing attention, there is a lack of studies attentive on how citizens' values, individual abilities and urban environment favour or hinder the propensity to walk. Hence, there is a need to explore how preferences and values of citizens vary in space in order to design walkability policies able to improve the capability set of citizens. In this perspective, the design of spatial decision tools aimed to plann public policies for the development of walkable cities needs further investigation. We propose a Multiple Criteria Decision Analysis (MCDA) method aimed to elaborate walkability decision maps for different groups of citizens that reflect their capability to walk in the urban environment. We tested the method in the city of Alghero (Italy). First, we analysed walkability under a normative model named CAWS; then we made a survey with 358 participants in order to study the driving values that influence their choice to walk and finalised to build an evaluation model attentive to individual differences. Cluster analysis was employed to group citizens into 11 groups based on their sociodemographic characteristics and preferences on spatial criteria of walkability. Finally, by integrating GIS with MCDA we built a set of decision maps representative of the walkability of the 11 groups of citizens. Results highlight the importance of citizens’ values for policy design, allow the interpersonal comparison among individuals and group preferences and give new suggestions for the formulation of walkability oriented urban policies. Moreover, the results confirm the usability of the general method as a decision support tool supporting the design of urban policies.

El concepto de cultura en la ensayística de Georg Simmel

This article analyzes Georg Simmel’s concept of culture by reconstructing the genealogy of his theory within its historical, political, and economic context. It examines to what extent Simmel’s ideas on value and division of labor cement his conception of cultural alienation. Finally, it argues that Simmel’s cultural theory is significantly biased by a subjective theory of value, which entails apologetic traits.

El concepto de cultura en la ensayística de Georg Simmel

This article analyzes Georg Simmel’s concept of culture by reconstructing the genealogy of his theory within its historical, political, and economic context. It examines to what extent Simmel’s ideas on value and division of labor cement his conception of cultural alienation. Finally, it argues that Simmel’s cultural theory is significantly biased by a subjective theory of value, which entails apologetic traits.

Liberalizm gospodarczy w myśli Carla Mengera

Over the years, the Austrian School of Economics has created the image of a thinker associated with ideas of liberalism. The views of members of this school are often considered controversial. However, the concept of freedom clearly displayed by the Austrians is very popular among economists. Carl Menger is said to be the founder and a leading member of the Austrian School of Economics, and his works are mostly devoted to methodology and economic theory. Nevertheless, you can also find his views on the sphere of economic liberalism and freedom. Almost 150 years after the publication of Menger’s main works, it emerged that he had created not only the timeless foundations of the theory and methodology of economics, but his theory of subjective value had become the bedrock which is used to this day in deliberations on economic liberalism. The economy pursued by Menger (based primarily on the ideas of subjectivism and individualism) continues to be an important and timeless foundation for the development of the doctrine of economic liberalism. This article is a review based on an analysis of the literature on the subject.

A Brief Explanation of the Price of Money

Our aim is to explain the purchasing power of money based on the theory of subjective value and based on the direct application of the law of diminishing marginal utility to money. The paper follows the criticism of the Mises’s attempt to explain the problem by the concept of regression theorem presented in Posvanc (2020b). The basic line of explanation which has to be followed to explain the problem in question within the theory of subjective value will be as follows: the human subject (in the case of money human subjects) – a valuation – a scale of needs – an act of exchange – a price of money as inverse exchange ratio of money and goods. Our explanation starts with some present time inconsistencies concerning the explanation of economic phenomena “over time” and related problem of value homogeneity. To explain phenomena “over time” is crucial for money because we use money over time as a basic anchor for mutual understanding among economic agents. It will be shown that to explain the phenomenon of price of money we need to make some modifications to the theory of subjective value to be applicable over time and to define some homogenous concepts men are dealing with when act. Presented solution will be based than on three theories which explain a) intersubjective valuation of money, b) economic calculation without money and evolution of money-goods concept and c) explanation of the essence of the interest as an intersubjective phenomenon.

Problem of Indifference and Choice

The aim of this paper is to anchor the problem of indifference and choice in a time continuum. Every action is future-oriented. The choice that is being made here and now is the choice that should, from a subjective point of view, eliminate a feeling of uneasiness toward the future. As Shackle (1972) notes, it is too late for the past and even for the present. The goal of this paper will allow us to look critically at an interesting ongoing discussion about the problem of indifference and choice. Debate is conducted primarily in circles of the Austrian School. This is because Nozick (1977) addressed the problem implying the invalidity of the law of diminishing marginal utility in the absence of a presupposition of indifference to the representatives of the Austrian school. The whole genesis of the discussion on the topic can be seen at the beginning of Block (2012). This paper briefly introduces the discussion and its main problems. Stated reservations will be removed by suggested solution based on the modification of the theory of subjective value presented in greater detail in Posvanc (2019a, 2019d). It will be shown that proposed solution improves conclusions in Wysocki (2016) and Wysocki-Block (2018, 2019). It will allow to preserve elements of indifference analysis as interpreted by the neoclassical mainstream, however, it will also allow interpretation of the problem of indifference and choice based on strict preferences from the point of view of the Austrian School of Economics. This is a quite controversial conclusion, but it is a logical consequence of the proposed modification in the theory of subjective value.

Graslin’s Subjective Theory of Value as Elaborated in His Debate with a ‘Blind Enthusiast’ of Physiocracy in 1767

J.-J.-L. Graslin, an ‘anti-economist’, who fundamentally criticized physiocratic doctrine, and N. Baudeau, described as a ‘blind enthusiast’ of Physiocracy, started an open controversy in journals over the value of the processing industry in 1767. The purpose of this paper is to clarify the historical significance of their short-term controversy and Graslin’s far-sighted subjective theory of value confronting Physiocracy. As with other physiocrats, Baudeau insisted on the sterility of industry because it does not produce any net product. Baudeau argued that the value of a processed product was composed of two values: the value of materials and that of food for labour. By contrast, Graslin maintained that the value of labour must be considered separately from the value of food for labour. According to Graslin, labour that processes raw materials generates new value beyond the value of those materials, in the same way that agricultural labour generates value; therefore, the former type of labour is not sterile. The controversy symbolizes a preliminary confrontation between the upcoming cost theory of value and the subsequent subjective theory of value. On the latter, Graslin produces a table similar to Carl Menger’s table of needs satisfaction.

The value in ‘value’: An exercise for pluralising economics instruction

This paper suggests pluralising economics instruction by introducing different concepts of ‘value’. We argue the labour theory of value (LTV) and subjective value theory (STV) provide an enlightening pair of contrasting concepts which can impart appreciation for the relationship between different economic theories and political ideas of social justice. We present a series of active learning exercises designed to introduce students to differences between LTV and STV. After running and modifying exercises over three years as part of economics instruction for sociology and social policy students, we find the intervention broadly successful in encouraging students to engage with economic ideas and draw connections between personal experience, society, economics and politics.