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Re:There's never been a better time to go into math (by: 3bl... by smallmancontrov on Monday October 19, 2026 @10:21AM (#50152862)
Exactly. Remember, economic value is wealth weighted, a fact that sets it starkly apart from nearly every other notion of value. Feeding the proverbial starving orphan? Zero economic value because the orphan can't pay you back. Merging all the banks to hike fees and offload risk onto the public? Enormous economic value, because a large number of wealthy shareholders can be made much wealthier.

As wealth inequality increases, the purpose of the economy as seen through its objective function increasingly revolves around the desire of rich people to get paid for being rich. The exponential growth of asset values in excess of economic growth (including yours, but dominated by those of the wealthy) ensures that not only does the growing economic surplus fail to trickle down, but that the median person sees a grinding deprivation as their ability to command a wage is slowly eroded while their costs rise.

Re:There's never been a better time to go into math (by: 3bl... by satvikpendem on Monday October 19, 2026 @07:38PM (#50159453)
Why would the starving orphan not have economic value? They can grow up and participate in the economy because you fed them. It's the same as how countries focus on food supply, education etc first. In fact, human history and civilization is predicated on having surplus food production to then have people be able to specialize into other economic roles thus has enormous economic impact.
Re:There's never been a better time to go into math (by: 3bl... by smallmancontrov on Tuesday October 20, 2026 @07:59AM (#50164976)
If the economic value of a good or service is what someone will pay you for it, then unpaid charity has no economic value. We are applying the definition handed to us by (certain schools of) economics and finding that it leads us to some ridiculous places, which should cast doubt on the definition. A better definition of economic value could capture the value of charity, but then it would not support the laissez-faire policies that the usual one is often dragged out to support.

The "what someone will pay for it" definition is a trojan horse. It looks like a mathematical practicality, but it actually smuggles the self-interest of the wealthy into a value system that would not otherwise enshrine such as a guiding principle.

Re:There's never been a better time to go into math (by: 3bl... by satvikpendem on Tuesday October 20, 2026 @09:14AM (#50165895)
Who decides what is valuable? A market is useful enough as a decentralized system that efficiently coordinates billions of preferences, even if it does carry some contradictions. Other value systems do too, like the labor theory of value for which I can contradict by asking the value of digging meaningless holes all day. It's all about which contradictions are minimized in negative impact.

Moreover, there is a difference between economic and social value, which the field of economics already recognizes in the form of positive externalities.

Re:There's never been a better time to go into math (by: 3bl... by smallmancontrov on Wednesday October 21, 2026 @10:27AM (#50181611)
> Who decides what is valuable?

Rich people who mostly want others to pay them for being rich? That's a weird and extreme answer and I'm tired of pretending it isn't. This is not an externality problem, it's a priority problem. These priorities are dogshit.

We don't need gini=0 to fix this. Gini=0.9 is nuts, famous billionaires having millions of times the weight as the median American is nuts, and we need to back off a bit. Maybe start by asking them to pay taxes. For once.

Re:There's never been a better time to go into math (by: 3bl... by satvikpendem on Wednesday October 21, 2026 @09:53PM (#50190181)
So you want rich people to decide what is valuable? Because that's basically what you're saying. Maybe you mean the opposite but every time you buy something you as a consumer are deciding, not some cabal of rich people.