BitofBitcoin on Nostr: Intrinsic value does not exist. Individuals value the next marginal unit of a good ...
Intrinsic value does not exist.
Individuals value the next marginal unit of a good according to it's marginal utility - in other words the next most pressing need that good will be put towards.
If I already have 15 steaks, I might give the next one to my dog. Iwoild not value that steak as highly as I value the first one, which is an essential purchase for me to meet my nutrient requirements.
Don't let gold bugs fool you into the existence of 'intrinsic value'
Were there not a human to value it, it would be valueless.
Individuals value the next marginal unit of a good according to it's marginal utility - in other words the next most pressing need that good will be put towards.
If I already have 15 steaks, I might give the next one to my dog. Iwoild not value that steak as highly as I value the first one, which is an essential purchase for me to meet my nutrient requirements.
Don't let gold bugs fool you into the existence of 'intrinsic value'
Were there not a human to value it, it would be valueless.