“The explanation of all economic activity that takes place in the market economy ultimately rests on the subjective theory of value. The value of various consumer goods and services does not reside objectively and intrinsically in the things themselves, apart from the individual who is making an evaluation. His valuation is a subjective matter that even he cannot reduce to objective terms or measurement. Valuation consists in preferring a particular increment of a thing over increments of alternative things available; the outcome of valuation is the ranking of definite quantities of various goods and services with which the individual is concerned for purposes of decision and action.” – Thomas C. Taylor http://mises.org/austecon/chap4.asp
When two disciplines make arguments, it is always important that the terms discussed and definitions used remain precise. If not, it can be difficult to understand the competing arguments.
Which brings us to the terms subjective value and objective value and their definitions from the economist’s point of view and from the philosopher’s point of view.