This in turn, it is held, makes economics friendly towards the introduction of measurement and mathematics. Measurement however, implies the possibility of the assignment of numbers which can be meaningfully subjected to all of the operations of arithmetic. To accomplish this, it is necessary to define an objective fixed unit. Such an objective fixed unit doesn t exist in the realm of human valuations. There are no constant standards for measuring the minds, the values and the ideas of men.
Valuation is the means by which a conscious purposeful individual assesses given facts of reality.
In other words once an individual establishes what the facts are, he then assesses which out of these established facts are the most suitable to attain his various ends. Individuals goals or ends set the standard for valuing facts of reality. For instance if the goal of an individual to improve his health then he would establish which goods will benefit his health and which not. Among those that will benefit him some will be more effective than others. There is no way however, to quantify this effectiveness.