Don,
Another way, which we will use, is to categorize economic goods by how (not just how much) an individual values them, which can vary from one individual to another for the same economic good.
When a specific quantity of an economic good is valued by an individual for its capability of serving as a means of achieving a desired end, this economic good is said to have a direct 'subjective use-value', or utility.
Alternately, when an economic good is held for the purpose of later acquiring other economic goods, this economic good is said to have an 'exchange value'.
I agree that economic value can be categorized into direct-use value and exchange value. However, even in both categories, value still stems from the good's ability to achieve ends, whether those ends can be reached with the use of that good directly, or through anticipated future exchange of that good for other goods.
Thus, I am confused by the source of our disagreement, or even whether one exists. Are you saying that my two examples demonstrated exchange-value only? If so, I agree.
Wildstar |
