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
Tag: measure
Measure, as used on this blog, refers to the quantification of any stock or flow in an economic system. I frequently use the term in referring to the measure of economic value, which one can only measure individually and ordinally.
Value Measure-Review
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
Money Not a Measure of Value
A dollar cannot represent the value for an item of less value than a dollar
Value: The Measure
If individuals provide the source of economic value, how do we measure it?