> The people he's criticizing seem to define value as what someone will pay for something, which may be based on just rarity. Without reading the rest of his b

> The people he's criticizing seem to define value as what someone will pay for something, which may be based on just rarity. Without reading the rest of his blog, this piece reads like he read some Keynes-derived macro-econ without understaning the supporting micro-econ. Pretty much everyone in economics (with a few notable exceptions like Marxists) believes in the subjective marginalism theory of value.