Contrary to the popular way of thinking, the prices of goods are not set by the dubious mental value scale that does not change, but by the goal-seeking individuals. It is the importance of various ends to individuals that determine the selection of goods by them, therefore, they ultimately set the price. The importance of ends is established with respect to the subjective preferences of individuals.
Yes, we are the ones who set the prices for goods in the market!!!
pull down to refresh
10 sats \ 1 reply \ @Undisciplined 29 Oct 2024
The idea of consumer sovereignty is often hard for people to grasp. I think it's related to the appeal of seeing oneself as a helpless victim of conspiring power brokers.
reply
31 sats \ 0 replies \ @Rothbardian_fanatic OP 29 Oct 2024
That is the socialistic point of view, to be exact. This way the consumers can wenge about “price gouging” and all the other little affronts they think they are receiving.
They never say much about getting a great bargain!
Envy rules socialism, communism and mixed economies.
People just can’t see that.
reply