When we use the word “value” in an economic sense, there’s typically 2 context in which we’ll be using the word:
- This <item> has this $<amount> “value”, or;
- This $<discount> or $<price> is great “value”.
… but these are both perceived values, and thus they differ from person to person; they’re nothing inherent about the nature of the item, they’re just artificially & arbitrarily attached numbers connected to pretty much nothing whatsoever. Continue reading “Perceived vs. inherent “value””