Jestopher on Nostr: On intrinsic value: Both of the goods you mention (water and oxygen) have unique ...
On intrinsic value:
Both of the goods you mention (water and oxygen) have unique properties that are intrinsic, but when it comes to value, it necessarily introduces a market.
Markets are external to the goods and determine how to value the good, not the good itself.
Consequently, there is no price floor for any good that is determined by the good itself and valuation will always be the result of supply and demand.
Both of the goods you mention (water and oxygen) have unique properties that are intrinsic, but when it comes to value, it necessarily introduces a market.
Markets are external to the goods and determine how to value the good, not the good itself.
Consequently, there is no price floor for any good that is determined by the good itself and valuation will always be the result of supply and demand.