----------------- HES POSTING ----------------- Two questions, Pat. 1)RE: >My understanding of the subjective theory of value (i.e., of > prices). Do you understand the theory - the entire discussion of economic value really - to assume that value = price, i.e. to be value in exchange only, in a market setting? Or may it apply to value in use for a particular actor or class of actors, or to non-market goods... in either case there being no transactions and hence no prices? 2)RE: > peoples' behavior had effects only because actors perceive such > changes and take them into account in their judgments about what are > factors of production, in their appraisals of the factors, and in their > decisions to produce and invest. This seems to describe the supply or production side. Certainly, it may be that the entrepeneur was making the most concious and purposeful decisions... was the knowing actor. But were the choices based on observations which include behavior on the consumption or demand side? Was any such demand side influence explicit in the subjective theory of value.... or implicit.... or a later understanding? Surely in the 20th century producers recognized the ability of wide scale advertising and marketing to influence demand behavior and it became a factor of production. But consumer preferences must involve many other variables. Did this play at all in the subjective theory? Thanks. Scott Cullen ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]