That's a good question. My answer would be value is measured by whatever people are prepared to pay, and that can vary greatly depending on need. Supply and Demand = Economics 101 :)
Value is an abstraction. Abstractions have measurement problems. Markets approximate value but only to the degree there are buyers and sellers motivated to exchange.
That's a good question. My answer would be value is measured by whatever people are prepared to pay, and that can vary greatly depending on need. Supply and Demand = Economics 101 :)
Value is an abstraction. Abstractions have measurement problems. Markets approximate value but only to the degree there are buyers and sellers motivated to exchange.
Value is an abstraction. That's another perfectly rational way of expressing it ...
Then, what is the best way to Measure the Value of an Abstraction...???
value is an abstraction, I think and it also measured whatever people are prepared to pay.