In what sense does one create value subjectively? Does creating value subjectively just amount to some individual valuing something or other? Because if it does, then that is pretty trivial. And, actually, it doesn't look like an act of creating anything, anyway, at least not anything that has any obvious normative pull on anybody. On the other hand, if some act of the mind is capable of endowing things with value in a sense that has genuine normative weight, why is it not the case that there just was value out in the natural order to begin with? What is so special about the mind that genuine value should be dependent on it? I take it that some existentialist thinkers are concerned with avoiding outright nihilism with all this talk of creating value or whatever, but that project seems to me to be either trivial or quixotic given their basic assumptions.
I think it's best to respond by first making some clarifications on my part.
First, I don't think that value exists in the "natural order," so that's not what I mean. I also agree completely that attributing value to subjective experience is trivial, and doesn't really amount to creation since one's personal values can change, especially if we're talking about a subject sans any kind of community or social context.
So, this is why I think value is part a subjective and collective expression. I don't think it makes sense to talk about value as an effect of a single subject in the wild (i.e. private values), the same way it doesn't make sense to talk about a private language. I think that value is a historical and social phenomenon that emerges out of complex social structures as more and more people cohere around various institutions, communities, interests, etc. So, I would say that value can't be reduced entirely to subjective experience, but nor can it be reduced to collective experience.
In recent decades it's become more acceptable to treat human social systems and institutions in terms of evolutionary theory, introducing concepts such as circular causality, synergism, and autopoiesis. I think we can treat value, in an abstract sense, as a part of these feedback circuits. In a subjective sense, values are emerging and vanishing all the time; but as social bodies interact with one another, certain values achieve longevity, and social evolution coheres around them. When this happens, these values are fed back ("input") into the social body in the form of various material institutions, and these institutions assist in the futurity of the values they embody.
Anyway, I think the only real way to overcome existential and moral nihilism philosophically is to reject some key propositions of the Enlightenment, propositions which have never been proven anyway. But Enlightenment thought is at this point so entrenched in most people's minds that it is almost like the air we breathe. We don't even notice it, and various types of nihilism seem unavoidable as a result.
I would agree with this.