From my FB page - The ethics of Neo-classical Economics.

 Today’s musing minute.

Classical Liberalism and the Subjectivism of Value. Two concepts that are logically orthoganol, but practically very connected.

Although perhaps insufficiently emphasized, the subjectivism of value is fundamental to an understanding of all aspects of economics, and many mistakes get made by not realizing its implications. It is the cornerstone of the marginal revolution and the birth of neoclassical economics. The value of anything is in the mind of the valuer and not in the thing. Value is better thought of as a verb, and not to be confused with price.

Value then, in itself, cannot be measured any more than an emotion can, though the physical manifestation of its experience can be observed. Different individuals have incomperable value scales, and often value things differently. That is economics.

Consider ethics, a classical liberal considers all individuals to be free to form his own opinion concerning values, of things or of actions and restrictions. The most obvious manifestation of the enemies of classical liberalism, on the left and on the right, is the implicit or explicit denial of that ethic. They consdier themselves priviledged to override the preferred choices of individuals whose values of things and actions they do not agree with.

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