Sublime

Veblen Goods:

We often attach value to things simply because they're hard to get. People will be more attracted to a painting if it costs $3 million than if it costs $3. The price becomes a feature of the product in that it allows the buyer to signal affluence to others.

Money is a perfectly legitimate measurement of goods sold or services rendered. But it is no calculation of value. Just because somebody makes a lot of money does not mean that he necessarily provides a lot of value. Likewise, just because somebody makes a little money does not necessarily mean he provides only a little value. Simply by measuring t

That’s because another important way we value things—a way unrelated to actual value—is by assigning meaning to a price. When we can’t evaluate something directly, as is often the case, we associate price with value.

That’s because another important way we value things—a way unrelated to actual value—is by assigning meaning to a price. When we can’t evaluate something directly, as is often the case, we associate price with value.

Value is what a business is worth. Price is what you have to pay to get it.

value is something that’s based on a social context. The value given to a one-dollar bill is not an objectively attributed value, though that might be a commonsense approach. If one considers its actual cost as printed material, the value is nowhere near a dollar.

Economist Per Bylund once noted: “The concept of economic value is easy: whatever someone wants has value, regardless of the reason (if any).” Not utility, not profits—just whether people want it or not, for any reason. So much of what happens in the economy is rooted in emotions, which can, at times, be nearly impossible to make sense of.