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Value is subjective. A.K.A, the subjective theory of value. Without subjectivity, there's no marginal utility. And that takes us back to classical economics. I
by Multics 12y ago
Value is subjective. A.K.A, the subjective theory of value.
Without subjectivity, there's no marginal utility. And that takes us back to classical economics. I.e pre-marginal revolution.
- voronoff 12y agoI'm not talking about the subjectivity of value at all, though I can see how that might be unclear. I'm talking about the assumption of perfect information that is inherent in your statement.
- Multics 12y agoIn situations of asymmetrical information, there can be market solutions. Such as warranties. The information, or the lack thereof is also reflected in the price.