Subjective valuation is totally misunderstood all of the time in these, the Dark Ages of economics. The empirical ‘economists’ have convinced people that choices are selfish not subjective. They cannot allow the idea of subjectivism (that would undermine their incorrect methodology) and so the only way they can explain choices by individuals is to call it selfish. This also opens the door (how convenient!) for these self-acclaimed experts to ‘correct’ selfishness in society.
Because the empiricists are ignorant of the correct scientific methodology for economics (the methodology of subjectivism) they become the ego-driven interpreters who use ego-driven intervention for social engineering. So what ends up happening is that their corruption of the economy becomes cumulative.
They have no moral authority for two reasons: 1). they are using an incorrect scientific methodology, and 2). the infinitely dynamic and complex market process is far, far, far beyond human comprehension and so their puny attempts to interpret and intervene are without moral authority.
If you want clarity about this issue read the series of booksthat explain the divine economy theory.