4 srs though, the whole notion that all economic value is entirely subjective, is fairly popular intro 101 stuff.
It does not however explain the near perfect inelasticity of necessity goods.
This notion also coheres badly with the findings of a lot of social psychology, namely that there are in fact not and infinite number of possible ways in which people can react to things, which total subjectivity would presume. ....and if economic wants to be a big boy science it needs to strive for coherence with the entire paradigm.
Which, because arguably, mine and the points of some other fine gentlemen revolve around the idea that what this is, is a retarded hyper-veblen dressing up of a necessity good. This seems like a somewhat relevant point.