Professor Herbener,
This is a terrific course, thank you.
It seems that neoclassical economics who are in favor of interventionism don’t truly believe in the subjective theory of value, or perhaps their notion of value as quantifiable psychological utility gives them justification to support government intervention where a strict subjectivist notion of value as understood by Austrians would not.
Am I correct? If so, do neoclassical economists openly say that they don’t fully believe in the STV or do they simply undermine it in a round about way? I’m interested in medical licensing and healthcare economics. The rationale behind licensing advanced by neoclassical economists (like K. Arrow) seems to imply a repudiation of the subjective theory of value. Would you agree?
Thank you,
Michel Accad