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back to first principles. We have wishes and desires. If we can't get everything we want in quantities we want then we prioritise. I want good food, some mobili
by dorgo 4y ago
back to first principles. We have wishes and desires. If we can't get everything we want in quantities we want then we prioritise. I want good food, some mobility and a lot entertaiment. Oil is needed for mobility. Take the average over priorities of the population and you know the price for oil. Markets are just there to determine desires/priorities of the population.
- datadata 4y agoI agree with all of this, when I said "nothing" I meant just that "intrinsic value" is not what determines the price of something, in response to the parent's assertion about intrinsic value setting a price floor on oil