India floats the idea of a universal basic income

Re:India floats the idea of a universal basic income by jjoonathan on Wednesday February 08, 2017 @08:02PM (#13603722)

According to who? Googling "economic value" returns a litany of definitions in terms of money (or, more generally, exchange).

I don't deny that there is a notion of value apart from the economic one, in fact I would even go so far as to argue that the terms "economic value" (and "market value" etc) give markets entirely too much credit by suggesting that economic value and market value do a halfway decent job of approximating or approaching the philosophical notion of value, which is the term I'd ascribe to your definition and to general use of the word "value" without additional qualifiers.

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Re:India floats the idea of a universal basic income by winstonewert on Friday February 10, 2017 @09:03AM (#13615376)

For example, see this presentation which discusses the history of economic thought regarding value:

http://www.efi.int/files/attachments/e45/meetings/31hanemann...

Yes, it is often defined in terms of money. That is because if you actually value something you would be willing (but not neccessarily able!) to pay for it.

But let's not get bogged down in an untractable argument over the meaning of words. My point really boils down to: economics does concern itself with value which is different than the market value. They study the cases where the market value will refect people's true perferences, and when it will not.

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