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19 sats \ 8 replies \ @kepford 6 Dec \ on: MONEY CLASS OF THE DAY: Intrinsic Value vs Subjective Value...and Music! econ
Definition of Intresic:
Inward; internal; hence, true; genuine; real; essential; inherent; not merely apparent or accidental; -- opposed to extrinsic
I mean that's the opposite of subjective. And as human experience teaches us most things including gold and bitcoin are valued subject to each individual's opinion.
This simple observation is why I find the Austrian's position more logical.
Intrensic value seems very limited and I don't think gold has it. Life might. Oxygen. Water... I could argue against those as well though.
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36 sats \ 7 replies \ @kepford 6 Dec
Honestly, I think the whole intrisic value argument is a waste of time. It feels like a tool to make people shut off their brain.
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75 sats \ 0 replies \ @Rothbardian_fanatic 7 Dec
I have to agree with you. It does shut people off from thinking about subjective values.
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63 sats \ 5 replies \ @Undisciplined 7 Dec
"Intrinsic value" is basically an oxymoron and should be replaced with "alternate uses".
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68 sats \ 0 replies \ @Rothbardian_fanatic 7 Dec
Yes, substitute goods. Or the next most desired objective or good.
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0 sats \ 3 replies \ @kepford 7 Dec
That's good
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32 sats \ 2 replies \ @Rothbardian_fanatic 7 Dec
I don’t think anybody is selling bads. They have to be forced off on you. I can think of a few, right offhand that were and still are current. JABS
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20 sats \ 1 reply \ @Undisciplined 7 Dec
No, bads generally cost money to dispose of.
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30 sats \ 0 replies \ @Rothbardian_fanatic 8 Dec
That was the point I was trying to make with @denlillaapan in another thread. Goods that are in plenty instead of scarcity would also involve costs to get rid of.
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