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20 sats \ 1 reply \ @Undisciplined 8 Dec \ parent \ on: MONEY CLASS OF THE DAY: Intrinsic Value vs Subjective Value...and Music! econ
The idea is that abundant things, like air or ideas, have no economic value because they are not scarce.
My defense of that idea would be that economic action is about relieving felt dissatisfaction (Mises' great definition). Since we cannot lack things that are abundant, they cannot be economically valuable.
I did try to explain the point about marginal units vs the entire stock, but he didn't bite.
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16 sats \ 0 replies \ @Rothbardian_fanatic 8 Dec
Yeah, no dissatisfaction with the situation of free goods, therefore no economic action on the part of the actors.
I don’t know why he doesn’t bite on the marginal explainations. After all, it was the subjectivist, marginalist revolution Menger, et al did.
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