Re:The Demoralization is just Beginning
by janalsncm on Thursday March 06, 2025 @09:35PM
(#43286989)
I think my point is about an underlying quality of the toaster, the ability to make toast, which is independent of its cost in different places. The price of a product is complicated by many factors which are irrelevant to that underlying quality.
[ Parent
| on HN ]
> an underlying quality of the toaster, the ability to make toast, which is independent of its cost in different places
and this is called intrinsic theory of value[0], which mostly has been superceded by other theories (such as the one in my post, which is the subjective theory of value[1]).
While the intrinsic theory of value isn't wrong per se, it is too naive, and "simple", such that this theory does not explain much when applied to real world scenarios.
[0] https://en.wikipedia.org/wiki/Intrinsic_theory_of_value
[1] https://en.wikipedia.org/wiki/Subjective_theory_of_value