IDEAS home Printed from https://ideas.repec.org/p/icr/wpicer/01-2008.html
   My bibliography  Save this paper

An Assessment of Subjectivism. Its Meaning and its Limits

Author

Listed:
  • Marian Eabrasu

Abstract

This working-paper deals with the meaning of the subjective theory of value. It is argued that in spite of its wide utilization in economic theory, subjectivism is an equivocal concept generating incompatible interpretations. The affluence of various and incompatible interpretations is the consequence of a conception that is either too complex or too elastic. This is the case since the subjective theory of value cannot accommodate most of the features that are traditionally associated with it: utility, marginalism, ordinal evaluation, knowledge, expectations. Actually, this working-paper defends a specific view of subjectivism which is much simpler than most of its current interpretations.

Suggested Citation

  • Marian Eabrasu, 2008. "An Assessment of Subjectivism. Its Meaning and its Limits," ICER Working Papers 01-2008, ICER - International Centre for Economic Research.
    • Handle: RePEc:icr:wpicer:01-2008
    as

    Download full text from publisher

    File URL: http://www.bemservizi.unito.it/repec/icr/wp2008/ICERwp01-08.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Murray N. Rothbard, 1995. "Economic Thought Before Adam Smith," Books, Edward Elgar Publishing, number 377.
    2. Peter J. Boettke (ed.), 1994. "The Elgar Companion to Austrian Economics," Books, Edward Elgar Publishing, number 53.
    3. Rothbard Murray N., 1995. "The Present State of Austrian Economics," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 6(1), pages 1-48, March.
    4. Bryan Caplan, 1999. "The Austrian Search for Realistic Foundations," Southern Economic Journal, John Wiley & Sons, vol. 65(4), pages 823-838, April.
    5. Lachmann, Ludwig M, 1976. "From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society," Journal of Economic Literature, American Economic Association, vol. 14(1), pages 54-62, March.
    6. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309-309.
    7. Vaughn,Karen I., 1994. "Austrian Economics in America," Cambridge Books, Cambridge University Press, number 9780521445528.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Senderski, Marcin, 2014. "Ecumenical foundations? On the coexistence of Austrian and neoclassical views on utility," MPRA Paper 67024, University Library of Munich, Germany.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Marcello Basili & Carlo Zappia, 2010. "Ambiguity and uncertainty in Ellsberg and Shackle," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(3), pages 449-474.
    2. Carlo Zappia, 2008. "Non-Bayesian decision theory ante-litteram: the case of G. L. S. Shackle," Department of Economic Policy, Finance and Development (DEPFID) University of Siena 0408, Department of Economic Policy, Finance and Development (DEPFID), University of Siena.
    3. Leonid Krasnozhon & John Levendis, 2015. "Mises and prediction markets: Can markets forecast?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 28(1), pages 41-52, March.
    4. Loïc Sauce, 2017. "Market process(es) and (un)knowledge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(3), pages 305-321, September.
    5. Virgil Storr, 2010. "Schütz on meaning and culture," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(2), pages 147-163, June.
    6. Don Lavoie & Virgil Storr, 2011. "Distinction or dichotomy: Rethinking the line between thymology and praxeology," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(2), pages 213-233, June.
    7. Michael Litschka & Kristoffel Grechenig, 2010. "Law by human intent or evolution? Some remarks on the Austrian school of economics’ role in the development of law and economics," European Journal of Law and Economics, Springer, vol. 29(1), pages 57-79, February.
    8. Paul Lewis, 2010. "Certainly not! A critical realist recasting of Ludwig von Mises's methodology of the social sciences," Journal of Economic Methodology, Taylor & Francis Journals, vol. 17(3), pages 277-299.
    9. Lewis, Paul & Runde, Jochen, 2007. "Subjectivism, social structure and the possibility of socio-economic order: The case of Ludwig Lachmann," Journal of Economic Behavior & Organization, Elsevier, vol. 62(2), pages 167-186, February.
    10. Hirokazu Kano, 2021. "The dilemma and its solution of deep uncertainty in the dynamic capabilities framework: Insights from modern Austrian economics," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(3), pages 605-611, April.
    11. Reinhard Neck, 2014. "On Austrian Economics and the Economics of Carl Menger," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(3), pages 217-227, September.
    12. Darcy W E Allen, 2020. "When Entrepreneurs Meet:The Collective Governance of New Ideas," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number q0269, January.
    13. Darcy W.E. Allen, 2019. "Governing the entrepreneurial discovery of blockchain applications," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 9(2), pages 194-212, October.
    14. Marco, Passarella & Hervé, Baron, 2010. "Concorrenza senza equilibrio. La "scoperta imprenditoriale" nella Teoria Economica Austriaca [Competition without equilibrium. The 'entrepreneurial discovery' in Austrian Economic Theory]," MPRA Paper 28505, University Library of Munich, Germany.
    15. Anthony Endres, 2013. "Is the economics of time and ignorance a “classic”?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 17-25, March.
    16. Chamilall Neelkant S., 2000. "La Genese Du Label Autricheen': La Pensee De Carl Menger," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 10(1), pages 1-66, March.
    17. Virgil Storr, 2011. "On the hermeneutics debate: An introduction to a symposium on Don Lavoie's “The Interpretive Dimension of Economics—Science, Hermeneutics, and Praxeology”," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(2), pages 85-89, June.
    18. Petr Špecián, 2013. "To the Interpretation of Spontaneous Order," E-LOGOS, Prague University of Economics and Business, vol. 2013(1), pages 1-10.
    19. Yong Yik Wei & Aekapol Chongvilaivan & Chew Jing Yang, 2008. "Alternative Approaches to the Development of Early Childhood Education in Singapore," Development Economics Working Papers 22581, East Asian Bureau of Economic Research.
    20. Anna Klimina, 2013. "Placing the Analysis of Contemporary State Capitalism within an Evolutionary Discourse," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(2), pages 545-554.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:icr:wpicer:01-2008. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Daniele Pennesi (email available below). General contact details of provider: https://edirc.repec.org/data/icerrit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.