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While we are at it, the cost of a product should depend on its objective value, not what the market pays. My point being that sure, ideally it wouldn't be like
by Levitz 5y ago
While we are at it, the cost of a product should depend on its objective value, not what the market pays.
My point being that sure, ideally it wouldn't be like that, but any implementation I can possibly think of is not viable at all. Jobs are fairly unique things.
- gruez 5y ago> While we are at it, the cost of a product should depend on its objective value, not what the market pays. "What the market pays" is the objective value.
- Gareth321 5y agoThe job market is a market, and if the job market dictates that the wage is set in part by one's ability to sell themselves to potential employers, then the (job) market is currently setting objective value (wages). I'm not making a value judgement of your premise. Just pointing out that your argument works as well against you as it does for you.
- selfhoster11 5y agoFrom a pedantic economist perspective, yes. From a common sense perspective, if a £40 jacket was sold for £200 to someone, then it's still worth £40 even if this person overpaid for it.
- bloqs 5y agoAre people with bad information objectively correct? (Everyone overpays illogically for product because of deliberate misinformation, or whatever)