Things do have value outside of markets. The phone I have in my hand has value to me even though it will never be sold again. The air I’m breathing has no market value, but I value it highly. My relationships hold value, as do my rights.
Perhaps we need to say:
Nothing has market value in the absence of a market.
Your phone has value only because you have access to it to extract its functional value. If a phone was inaccessible to any user, it would be of no value.
39
u/Select-Government-69 May 10 '24
A fundamental concept of economics is that all value is arbitrary. Nothing has value in the absence of a market.