Work as a Cost

Pierre Lemieux

Chapter Chapter 3 in Who Needs Jobs?, 2014, pp 17-28 from Palgrave Macmillan

Abstract: Abstract Everything is subjective in the sense that it gets interpreted or evaluated in the mind of each individual. The enterprise of science consists in verifying that subjective interpretations fit the external reality, but the internal real­ity of each individual remains subjective. What motivates an individual to act this way or that way is subjective, even if the individual has an obvious interest in making sure his intentions do not contradict external reality. In particular, value is subjective: the very act of valuation resides irreme­diably in the minds of individuals. Facts can be ascertained outside of individual subjectivity, but values cannot. The value of anything for a given individual is the subjective value he assigns to it. Whether one prefers dark or white chocolate, television or hunting, heterosexual or homosex­ual sex, is subjective.

Keywords: Wage Rate; Consumer Good; Income Effect; Real Income; Substitution Effect (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-35351-1_3

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DOI: 10.1057/9781137353511_3

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