What does it mean when economists say preferences by Dr. Robert Murphy

Question 10 / 21: What does it mean when economists say preferences are subjective?

Answer:

This elementary observation simply refers to the fact that people

have different tastes. This is a much more straightforward

way of explaining market prices, than to assume that these

prices are the result of some "objective" facts (such as how

much labor went into the product, etc.). The emphasis on subjective

preferences will make more sense in Lesson 6 when we

explain barter prices.

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Economy Foundations

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Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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