This is a linkpost for http://benjaminrosshoffman.com/costs-are-not-benefits/
against both the subjective theory of value
Which value? How do you define "value" in this context?
failure of modern economists to utilize the concepts of use-value and exchange-value as separate things
In which way is it a failure? Who, among modern economists, consistently confuses the two?
For the purposes of this discussion, I would define "value" as "long-run average market price." Note that, in this sense, "use-value" has nothing whatsoever to do with value, unless you believe in the subjective theory of value. That's why I say it is unfortunate terminology, and "use-value" should less confusingly be called "subjective practical advantage."
Which economists confuse the two? The false equivocation of use-value with exchange-value is one of the core assumptions of marginalism, and pretty...