Labor is a scarce factor of production. It must be economized. Labor is bought and sold on the market. The … Read the rest
Category: Subjective Value
The Prince and The Pleb
Interpersonal comparisons of value are impossible. The different valuations are very stark between a prince and a pleb. There … Read the rest
Money Stabilization
Personal and Voluntary
All values are personal and voluntary. A third-party can’t decide for you what to value. Nor can they force their … Read the rest
Purchasing Power of Money
Price is the result of the subjective valuations of the exchangers. One good is being exchanged for another. The exchangers … Read the rest
Money and the Value of Money
It should be clear, nothing has value in itself, only the naïve would think this. In other words, value is … Read the rest
Subjective Value
Value judgments express preferences of the acting individual. Action is aimed at the substitution of one state of affairs for … Read the rest