From: Guru George (gurugeorge@sugarland.idiscover.co.uk)
Date: Mon Feb 03 1997 - 08:59:59 MST
On Sat, 1 Feb 1997 17:30:12 +1300
"Jim Legg" <income@ihug.co.nz> wrote:
>>
[snip]
>(1) The need to keep harnessing everything and everyone by a limited
>communication system that uses instrumental value instead of a suitably
>estimated intrinsic value.
[snip]
Hold it right there!
1) The price system doesn't "use instrumental value",the price system *
is* the subjective estimate of instrumental value on the part of the
millions of participants in the economic system. This vast, complex
process of estimation by everyone is distilled in the price of any given
item facing your choice. And the choice you make on whether to buy or
not is based on your subjective estimate (informed guess) of the item's
instrumental value to you in the context of your relative scale of values.
If the item satisfies your expectations you buy another, or testify
positively, if it doesn't you don't, or testify negatively . So your (
and everyone else's) economic choices affect every item in the economy,
influencing what is produced, where and when. In this way, the price
system gradually*discovers* the objective instrumental values of things.
2) What the fuck is "intrinsic value"? How is it to be estimated?
>
Guru George
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