Before I continue with my assessments of socialism and capitalism, I must return to a subject that I will touch on many times on this blog: the source and measure of value. For an economic system to operate, market participants must have a consistent and reliable measure of value. They must know the value in … Continue reading The Source and Measure of Value
Because I will frequently return to the subject of value, and its measure, over the course of these blog posts I have decided to publish the text of the same article I posted May 16, 2016 (with some edits). If individuals provide the only sources of value, how do those individuals measure value? Does every … Continue reading Value Measure-Review
A dollar cannot represent the value for an item of less value than a dollar
If individuals provide the source of economic value, how do we measure it?