An Intersubjective Theory of Value

Every quantitative order has a structure. These structures vary greatly between different orders, for example, those of mass, temperature and probability. Economics has neglected to investigate the structure of exchange-value, and this paper seeks to identify it. By considering the structural implications of several market phenomena, including negatively sloped demand curves, inelastic demand, monetary inflation and the commensurability problem with units of account, this paper demonstrates that exchange-value is a boolean algebra. This result is considered in the light of the "homogeneity problem" in GET and of Becker's "scarcity principle".