Marja: The first meaning [of ” to value”] being to admire, or to appreciate [sans the price-finding meaning of appreciate!]… The second meaning being to compare one good to another.

Kyle Bennett: Marja, values are not ordinal (nor are they cardinal), they are non-numerically defined. As Cal said, they are ranked ordinally only when comparisons become necessary. How one does that is purely subjective and not subject to external analysis…. There’s only one meaning relevant to subjective value economics. …. Your second meaning is not in any way, shape, or form part of valuation under the STV.

Kyle,

Could you tell me what version of subjective value theory you are reading that tells you that the concept of “value” in marginalist economics is not comparative? Looking briefly at a couple of sources, I find that Ludwig von Mises tells us (in Human Action I.IV.2 that “one must not forget that the scale of values or wants manifests itself only in the reality of action. These scales have no independent existence apart from the actual behavior of individuals. The only source from which our knowledge concerning these scales is derived is the observation of a man’s [sic] actions. Every action is always in perfect agreement with the scale of values or wants because these scales are nothing but an instrument for the interpretation of a man’s [sic] acting.” Earlier, we are told (in I.I, “Acting Man” [sic] that action is always an expression of preferences (hence necessarily comparative) — that “Acting man [sic] is eager to substitute a more satisfactory state of affairs for a less satisfactory. His mind imagines conditions which suit him better, and his action aims at bringing about this desired state. The incentive that impels a man to act is always some uneasiness ” Von Mises argues that only this sort of comparative valuing (as opposed to other things which you might call “valuing,” such as idle wishes or moral doctrines) is relevant to economics, since economics is the science of human action.

Similarly, at the beginning of “Toward a Reconstruction of Utility and Welfare Economics,” Rothbard tells us that “Individual valuation is the keystone of economic theory. For, fundamentally, economics does not deal with things or material objects. Economics analyzes the logical attributes and consequences of the existence of individual valuations. … But the essence and the driving force of human action, and therefore of the human market economy, are the valuations of individuals. Action is the result of choice among alternatives, and choice reflects values, that is, individual preferences among these alternatives.” [emphasis mine]

Whatever valuation in Marja’s first sense may be, it is not the sort of value that prominent subjectivists have thought to be relevant to economics. They have, as far as I can tell, generally or exclusively argued that Marja’s second meaning of “to value,” not the first, is what’s relevant to the economic study of human action.