stacksatsio on Nostr: Value is subjective because it requires applied knowledge for value to be realised. ...
Value is subjective because it requires applied knowledge for value to be realised.
If you don’t know how to realise value from something, you might consider it worthless.
Aborigines in Australia left gold nuggets in the dirt because they had no knowledge of money or trade or metallurgy or dentistry - their lack of knowledge spurred the biggest gold rush in the world once others WITH such knowledge learned of the discovery.
If you gave a 15th century peasant a TI-83 calculator they would have no idea what to do with it. They’d probably trade it for a loaf of bread because that is something they have knowledge the value of.
We need to drum this knowledge part into people’s heads when saying value is “subjective” because it explains why the “intrinsic” line is wrong, and importantly it ties into information asymmetry which practically no-one who says “intrinsic” has any understanding of but could easily learn and be persuaded of.
If you don’t know how to realise value from something, you might consider it worthless.
Aborigines in Australia left gold nuggets in the dirt because they had no knowledge of money or trade or metallurgy or dentistry - their lack of knowledge spurred the biggest gold rush in the world once others WITH such knowledge learned of the discovery.
If you gave a 15th century peasant a TI-83 calculator they would have no idea what to do with it. They’d probably trade it for a loaf of bread because that is something they have knowledge the value of.
We need to drum this knowledge part into people’s heads when saying value is “subjective” because it explains why the “intrinsic” line is wrong, and importantly it ties into information asymmetry which practically no-one who says “intrinsic” has any understanding of but could easily learn and be persuaded of.