Prof. Don Boudreaux demonstrates the subjectivity of value by comparing a Che Guevara and Milton Friedman t-shirt. He finds that value cannot be determined objectively, as the value of the thing is held only the mind of the beholder. Therefore, value is not a product of the amount of labor or resources required to make it. Rather, value is determined by the preferences of individuals.
SUBSCRIBE:
bit.ly/1HVAtKP
FOLLOW US:
- Website: www.learnliber...
- Facebook: / learnliberty
- Twitter: / learnliberty
- Google +: bit.ly/1hi66Zz
LEARN LIBERTY
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at bit.ly/1UleLbP
Watch more videos: lrnlbty.co/y5tTcY
6 сен 2024