Value judgments express preferences of the acting individual.  Action is aimed at the substitution of one state of affairs for another.  One may prefer a sunny sky to a cloudy sky.  However, the cloudy sky can’t be substituted for the sunny sky.  This is irrelevant to economics.  Saying one prefers A to B is also meaningless.  The individual may have a reason to lie.  We can’t see preferences until the individual acts.

A stated value is academic.  The stated value can also be harmful.  Values are based on substituting one state of affairs for another.   This is not to say every action will be successful.  The acting individual can make a mistake, but it was believed to be correct by that individual at the time of action.  If the individual didn’t think it was correct, the action never would have been taken.  Correct based on the individual subjective valuation.  He believed the action would improve his state of affairs.

All judgments of value are personal.  That is, they are subjective to the individual.  It can’t be denied people have different valuations.  It is not secret that people have different tastes, feelings, and preferences.  Since this is clear, it is also clear that there can’t be eternal valuations.  However, there is eternal law, that is natural law.    Now, just because valuation is subjective doesn’t mean people can’t come to valuations from outside sources.

The masses do come to subjective valuations from the environment in which they live.    The masses have their knowledge and personalities molded, but value still can’t be measured.  Few are capable of forming their own valuations, independent of propaganda.  The individual will act based on what they think they know.  Of course, they think they’re thinking.  Individual valuations are never true or false.  The individual just values one thing over another.

Value is not in things, but in the individual.  Some are too sensitive to cope with subjective valuations.  Whenever an actor chooses one thing over another, he is necessarily saying he values one over the other.  The saying, “actions speak louder than words,” holds true to subjective value.  Words can be used for any reason, but the action demonstrates the individual’s actual subjective values.

Reference

Ludwig von Mises; Theory and History