Excerpt from "The Mismeasure of Wealth", 2016
Let us do some analysis of ordinary language and try to spell out the grammar of the word ‘value’ as used in everyday talk about the kind of value that money measures. I will interpolate comments regarding Bailey’s views – which largely oppose ordinary language – as we go. In common usage we employ the word ‘value’ in phrases such as ‘the value of commodity a’ or in questions such as ‘has the value of commodity a gone up or down?’ or ‘Do commodities a and b have the same value?’ The ordinary usages of the term ‘value’ include the following features:
- Value is public [Footnote: Prices, the necessary form of expression of value according to Marx, are public]. To talk about ‘value for me’ disregards the grammar of ‘value’ just as talk about ‘truth for me’ violates the ordinary grammar of ‘truth’. My allergy to dairy products does not mean cheese has no val