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10min chapter
Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
The Escaped Sapiens Podcast
Contrasting Subjective and Objective Value in Economic Theory
The chapter delves into the debate between subjective and objective perspectives on value measurement within economic theory, focusing on the Austrian neoclassical view of subjective value versus the classical and Physiocrats' objective stance. It discusses the challenges of aggregating subjective values in neoclassical theory, critiques the assumptions of homogeneity in consumers and goods, and explores the limitations of deriving market demand curves from individual demand curves.
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