“It is more important to keep distinct the subjective use of the term in the sense of valuation and preference, as against the “objective” use in the sense of purchasing power or price on the market. Appraisement—fundamental to the entire economic system in an economy of indirect exchange—is to be distinguished from subjective evaluation.”
Related:
- On price
- 3-1a4b2 Price can only convey so much
- 3-1a4b3 Thomas Sowell - ‘Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.‘
- 3-1a4b5 Anything can be priced in principle. But not everything will be.
- 13-8c Utility alone determines the price and the quantity exchanged
- Prices are one but many
- Prices aren’t objective, so statement such as my price is correct cannot be correct
- 3-1a4b2a A great business at a fair price is superior to a fair business at a great price
- 7-1a5a1 Find an inexpensive custom acquisition channel and pile up users through an underpriced angles others haven’t realized yet.
- 13-1a3a2e5 Time component in prices emerges with the introduction of moneyvolatility
- Prices aren’t exhaustive, either