What Can Teach Us About Subjective Value

One of the oldest and most persistent fallacies in economics is the idea that goods and services have inherent value in the marketplace. These days, you’re most likely to encounter this mistake in the form of labor protests, where employers are accused of not paying workers what they are “really worth.” For most of economic history, however, the subject of value was a very serious and contentious one among the field’s top scholars.

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