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Could you give an example of something with a price >0, but no intrinsic utility? Also, demand / supply equals value, not price. The price is determined by the
by npoc 2y ago
Could you give an example of something with a price >0, but no intrinsic utility?
Also, demand / supply equals value, not price. The price is determined by the value / value of the thing you're pricing in.
For example the value of the dollar is halved every decade through supply inflation, which doubles the price of something even if its economic value has remained constant (real estate and gold are good examples)
- tptacek 2y agoNo, I don't believe that is an economically rigorous definition of value.