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NOTE What is the subjective theory of value?

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Economics 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.

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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.

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And everybody's got different, you certainly can't add up people's subjective preferences.

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Preferences are ordinal. They're ranking, ranking sort of thing. I prefer wonder better tasty bread, etc.

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So by looking at this, we see that with Austrian, we look at any Austrian book,

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you can almost tell an Austrian book by looking at something through it. There's no math in there,

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almost none. And one of the reasons is because it's not really a mathematical subject. It's really a

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is a philosophic subject.