What does a flock of birds have to do with markets? Probably not a whole lot. But, they do have a lot to teach us about the behavior of markets and other complex living systems, e.g. individual humans, neighborhoods, markets and a flock of birds. https://www.youtube.com/watch?v=A6nvvFkbRkY&t=5s Flocks of birds, like the one in this video, … Continue reading Flocking Markets

In a previous post (Brief Summary of Subjective Value), I introduced the topic of the Subjective Theory of Value. Because economic value consists of a crisscross matrix of concepts, you may find some repetition related to value theory in future posts. In the text below, I will define some important characteristics and qualifications of subjective value. … Continue reading Subjective-Value Theory Ver. 1.0

Source Some people believe that, since all economic goods require some amount of labor to produce, economic goods get their value from the labor required for their production. (even “free” goods require the labor to pick them up off the ground, pluck them off a bush, or capture them with one’s hands,) Formal explanations of … Continue reading Labor Theory of Value