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20 sats \ 2 replies \ @denlillaapan OP 5 Dec \ parent \ on: Music Has No Economic Value; Convince Me Otherwise (TDE, Joakim Book) BooksAndArticles
uh-hu, what's our disagreement, then?
An abundant good (or free good, like air or gravity or atmosphere or whatever) is entirely consumer surplus. The market price is zero. If there were a recipient on the other side of that I can choose to give some of the consumer surplus value back -- i.e. donating or zapping or giving money to musicians.
But the fact that we would or could pay for something is distinct from its economic value I would say; and it's what turns paying for music into donations rather than consumption of a produced good/service. I give out of my consumer surplus; but you as a producer have no scarcity value such that you could charge a price
the fact that we would or could pay for something is distinct from its economic value
That is the disagreement. The value of a good is what the consumer is willing to pay for it. Price and willingness to pay are totally different concepts.
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They value is subjective, the price is objective. Only the consumer knows what satisfaction he will derive and where on his priority list it lies and therefore the value of the good. The price is what is exchanged on the market for the good and can be objectified very quickly and easily: look at the receipt.
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