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Economic value is a measure of preferences. If I'd pay a dollar to own a widget instead of the status quo, then the economic value of all the processes that got
by ThrustVectoring 10y ago
Economic value is a measure of preferences. If I'd pay a dollar to own a widget instead of the status quo, then the economic value of all the processes that got me that widget is $1.
With that model, saying that economic value is "potentially infinite" is equivalent to saying that there will always be a way to improve someone's life.
- deleted 10y ago[deleted]
- dredmorbius 10y agoIn the short term, economic (that is, market exchange) value is determined by psychology. In the long term, economic value is deteŕmined by thermodynamics. Georgescu-Rogen, Daly, Soddy, Bohm-Bawerk, Marshall, Smith.