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
The source of value has huge significance in the development of economic theory.
Think about the source of economic value. Don't we need to know the source of value before we can clearly understand market activity?