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The market found a value for beanie babies too. You are mixing up what classical economists called exchange value and utility.
by nwah1 9y ago
The market found a value for beanie babies too. You are mixing up what classical economists called exchange value and utility.
- hndamien 9y agoThe exchange value in this case directly impacts the utility. If you are moving large amounts of wealth and the price is high, then the transfer bandwidth is also high. If the price is low then the transfer bandwidth is low. Ability to transfer wealth geographically with no counter party is the utility.