Folks too often confuse "subjective" with "illusion" or "arbitrary", when there is still tons of empirical and rational thinking out there informing subjective judgments. All intersubjective things (markets. etc.) fail if they don't ultimately reflect objective knowldge.
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Oh I agree. There are scientific truths and realities in this world, that we use to make our decisions. But value is different. Can you tell me one example of objective values, where every person would not only value it, but value it equally, as to be objective.
Nobody said anything about "objective values", we are saying objective facts are often important or crucial inputs into subjective valuation. And why would you think that the objective would have to be incorporated equally by all to be important? Ridiculous.
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Actually somebody did. https://twitter.com/festina_lente_2/status/1172573608448651264?s=19 … ob·jec·tive (əb-jĕk′tĭv) adj. 1. a. Existing independent of or external to the mind; actual or real: objective reality. b. Based on observable phenomena; empirical: objective facts.
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He said it has an objective *part*. The way I'd put it is that subjective value has objective *inputs*, as well as subjective ones, and that's the way he seemed to be thinking about it.
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The think at this point we’re discussing terminology. But this subjetivism/objectivism is a thorny topic indeed. Up until the 90s Austrian economists were still not 100% in consensus about it. Lachlan has an interesting take (below).pic.twitter.com/AvDVqHT4Bm
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It's not that thorny if one retains common sense instead of just hallucinating about the subjective arbitrariness of the effects of sandpaper.
End of conversation
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