Originally, this note was titled: But everything can be priced.
“The very fact that exchangeable consumers’ goods are more abundant enables each individual to enjoy more of the nonexchangeable ones. A destitute person is far less likely to prefer the nonexchangeable to the exchangeable than one whose “standard of living” in terms of the latter is high. The important fact for catallactics is that a man always chooses a bundle of money income plus other psychic factors and that he will maximize his money income only if psychic factors are neutral with respect to his choices.” – Murray Rothbard
Viz., it cannot be unbundled.develop
Next:
- 3-1a4b5.1 Money can be anything—but money will not be everything
- 3-1a4b6 The importance of the monetarily accountable compared to the unaccountable increases indefinitely, although the former never exhausts the latter
Related:
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E.g., prediction market
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3-1a4b4 Not everything are priced yet
- 7-1a4a1 Wealth created ≠ the P&L of a business. Remember - you get what you measure.
- But with technology we’d be able to capture wealth rather arbitrarily well:
- 7-1a4a1 Wealth created ≠ the P&L of a business. Remember - you get what you measure.
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Yet remember: 5-1b1a2c0 No theory can exhaust reality
- Put differently, no pricing model can price everything because there’s always something that slips.Ayache