Comment: The Subjective Theory of Value...

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The Subjective Theory of Value...

is ****NOT**** a proclamation of metaphysical subjectivism!!!!!!

Menger, Rothbard, Hayek, et al, were ALL aristotelians. And to be an aristotelian means to be a thorough metaphysical objectivist.

The Subjective Theory of Value refers to *****PRICES***** that individual humans assign to things. It does ****NOT***** refer to the usefulness or "use value" of raw and finished goods and commodities.

You are making the jump from "humans assign prices" to the "universe is completely subjective". You are literally making the claim that bitcoins are just as good a antibiotic as penicillin. That bitcoins make just as strong a car bumper as steel. That bitcoins have the same nutritional value as beans. That you can replace the oxygen in a jet cabin with bitcoins and still breath just as easily.

The STV does NOT state that the variety of substances found in the universe all have equal usefulness and equal physical properties. The MAJORITY of Austrians are metaphysical objectivists. Menger, the guy who INVENTED the STV, was an aristotelian objectivist and talked about objective and subjective components of realty.

Bitcoin does not have intrinsic use value!!!! Oxygen has CRITICAL intrinsic use value. As does food and medicines. If you try to eat only bitcoins as food you will die from starvation.

The world exists outside of human minds (the universe is objective). And different substances have different degrees and types of usefulness (the common definition of "value").

You are beating people up with an erroneous simpleton interpretation of Menger's "Subjective Theory of Value". The STV refers to PRICES assigned by humans and does not proclaim any kind of metaphysical subjectivism as you are attempting (you have not actually studied the origins and underlying concepts that Menger based the STV on -- you just read some snippets of some articles and some blog comments).

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~wobbles but doesn't fall down~