Exchanges provide us with the objective information we need to make affirmative statements about market activity and what drives it.
See how, for you, every determination of value results from your own subjective judgment…
A dollar cannot represent the value for an item of less value than a dollar
Probably the most popular concept of value incorporates the cost of production. The idea here is that any […]
Source Some people believe that, since all economic goods require some amount of labor to produce (even “free” […]
Believing that the value of a thing resides within an object or action seems like an easy approach […]
In spite of the importance of value to the development of sound economic theory a lot of people […]
Before I move on to describe market exchanges in a bit more depth I would like to summarize […]
An exchange reveals the relative preferences on the people involved in the exchange.
If individuals provide the source of economic value, how do we measure it?