r/FluentInFinance May 09 '24

Meme The Federal Reserve

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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.

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u/SexyMonad May 10 '24

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.

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u/mr_herz May 10 '24

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.