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Pastimes : Austrian Economics, a lens on everyday reality
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To: Don Lloyd who wrote (122)9/17/2002 2:29:50 AM
From: Wildstar  Read Replies (2) of 445
 
Don,

Some people believe that market prices are a measure of value. This is disproved by the fact that lower prices of some goods, lower market 'values', increase the rankings, and chances of selection, of the states of satisfaction that include those goods instead of higher priced goods.

Excellent point. I never thought about it that way. In your example, a lower market "value" (price) of oranges, increased the subjective value of the oranges for the consumer.
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