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An Assessment of Subjectivism. Its Meaning and its Limits

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  • Marian Eabrasu

Abstract

This working-paper deals with the meaning of the subjective theory of value. It is argued that in spite of its wide utilization in economic theory, subjectivism is an equivocal concept generating incompatible interpretations. The affluence of various and incompatible interpretations is the consequence of a conception that is either too complex or too elastic. This is the case since the subjective theory of value cannot accommodate most of the features that are traditionally associated with it: utility, marginalism, ordinal evaluation, knowledge, expectations. Actually, this working-paper defends a specific view of subjectivism which is much simpler than most of its current interpretations.

Suggested Citation

  • Marian Eabrasu, 2008. "An Assessment of Subjectivism. Its Meaning and its Limits," ICER Working Papers 01-2008, ICER - International Centre for Economic Research.
    • Handle: RePEc:icr:wpicer:01-2008
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    File URL: http://www.bemservizi.unito.it/repec/icr/wp2008/ICERwp01-08.pdf
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    1. Murray N. Rothbard, 1995. "Economic Thought Before Adam Smith," Books, Edward Elgar Publishing, number 377, March.
    2. Peter J. Boettke (ed.), 1994. "The Elgar Companion to Austrian Economics," Books, Edward Elgar Publishing, number 53, March.
    3. Rothbard Murray N., 1995. "The Present State of Austrian Economics," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 6(1), pages 43-90, March.
    4. Bryan Caplan, 1999. "The Austrian Search for Realistic Foundations," Southern Economic Journal, John Wiley & Sons, vol. 65(4), pages 823-838, April.
    5. Lachmann, Ludwig M, 1976. "From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society," Journal of Economic Literature, American Economic Association, vol. 14(1), pages 54-62, March.
    6. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63(4), pages 309-309.
    7. Vaughn,Karen I., 1994. "Austrian Economics in America," Cambridge Books, Cambridge University Press, number 9780521445528, January.
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    Cited by:

    1. Senderski, Marcin, 2014. "Ecumenical foundations? On the coexistence of Austrian and neoclassical views on utility," MPRA Paper 67024, University Library of Munich, Germany.

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