economic-principle: There is no unit of value. A REFUTATION

First, I must say that the DEGREE of communication with texts | speeches is VERY limited.
The reason for that is because the-names we use in our sentences are undefined and each one uses his|her own definitions.
It is similar (of course in much less degree) to try to communicate by speaking different languages!
That is why I'm publishing my worldview using structured-concepts.

In this context, I will try to refute Daniel-Larimel's economic principle "there is no unit of value".

I suppose that 'value' is 'exchange-value' and 'unit' is 'unit-of-measurement'.

Exchange-value is INFORMATION we attach to commodities.
Information is always a subjective entity, supported by one or more humans.
We disagree what exchange-value is and on the quantity of exchange-value of commodities.
BUT when we exchange commodities we ACCEPT a specific quantity of exchange-value for the-commodity we exchange.

First, by accepting a-quantity, we accept a-unit-of-measurement.
Any concrete measure has a-unit-of-measurement, 1 USD, 1 EUR, 1 BTC, 1 STEEM, ...
A vague measure is 'some', 'many', 'few', ...

Second, the problem is to accept a FAIR quantity of exchange-value.

Fair-exchange-value is NOT something God defined.
We the-people must find, a-definition of fair-exchange-value, by agreement.
We must distinguish the-exchange-value from the-use-value of a-commodity.
Exchange-value is INFORMATION we attach to commodities, I say.
Use-value is attributes of the-commodities we use (eat, drink ...) or want.
The-air we breath has a precious use-value but no exchange-value.
In contrast diamonds have relatively low use-value but precious exchange-value.

Mainstream-economics (AND Austrian-economics) says supply and demand define the-exchange-value.
Other say that "the labor theory of value" defines the-exchange-value by the amount of "socially necessary labor" needed for the-creation of a-commodity.

For me, both are right, and both are wrong.

If only supply and demand is what define the-exhange-value, then current speculative nature of cryptocurrencies, with their enormous volatility is normal and socially acceptable.
But our needs (especially physiological ones) are standard not volatile.
And when SUPPLY AND DEMAND ARE IN EQUILIBRIUM we want a-pencil and a-car to exchange on their COSTS (= socially necessary labor).

Then, fair-exchange-value = (average cost + profit + tax) x demand / supply.

In current economic-system it is impossible to calculate a-fair-exchange-value.

But the new technology of chain-networks can help us to define fair-exchange-values on our commodities.

Kaseluris.Nikos.1959 (Synagonism)
{2018-02-27}