What is the subjective theory of value?

0:00Economics is not really a quantitative subject. It's not really a subject where you can make correlations and quantitative measurements and that sort of stuff, because value is subjective and can't be measured. How much do I prefer? I prefer, for example, Wonder Bread to Tasty Bread. How much? Who knows? I can't say, it would be pointless for me to say I prefer 3.8 times as much as a loaf of tasty bread. And everybody's got different, you certainly can't add up people's subjective preferences. Preferences are ordinal. They're ranking, ranking sort of thing. I prefer wonder better tasty bread, etc. So by looking at this, we see that with Austrian, we look at any Austrian book, you can almost tell an Austrian book by looking at something through it. There's no math in there, almost none. And one of the reasons is because it's not really a mathematical subject. It's really a is a philosophic subject.