Though your text does not mention it, is this not the prevailing attitude of all modern economists? It is my impression that economic intrinsicism is as thoroughly discredited as Lamarckism in biology, but this text makes it sound like there are still adherents.
I agree with LDC on this one. I don't think anyone has seriously held an intrinisic theory of value in economics in a long long time. Certainly, modern mathematical economists, with utility theory and all that stuff, are thoroughly 'subjectivist' in the relevant sense.
I will go change the text now.
It is mentioned in the article that the changed value of the unchanged candy is a paradox. That seems superficial to me. Value = exchangeability, and is a relational function, not a property of the thing nor of the valuer, but of the relationship between the two. A thing of poor quality may have properties which reduce the likelihood of its being widely or highly valued, but the destitute may esteem it highly. Likewise, a wealthy and privileged individual may be unwilling to part with any portion of his considerable wealth to obtain a 7-11 franchise, while a struggling entrepreneur might give up 75% of his net worth to get it. So, as value is a function of relationship, it should not be surprising that candy exists in one relationship to a famished individual, and in a totally different relationship to a stuffed individual. Just as the top of the empire state building is high to a sidewalk dweller and low to a commercial jet passenger, high and low are relational values and it presents no paradox that they are viewed differently from different perspectives. My $.02.
If no one minds, I will change the text.
I'm not particularly fond of the "candy" example either. Here are some others: Two artists expend equal amounts of labor making paintings, sculptures, whatever. The one whose art is
popular for some subjective reason will get far higher prices for his work. Even releative values change with technology: I'm sure all of us have spent a month's labor or more on a computer that is now a doorstop. The computer didn't change--it's just now worthless because we can get a more powerful one for a day's labor now. --
LDC
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