Value
What something is actually worth to people, which is not always the same as what it sells for.
What the essays say
The capitalism essay tells a story about two salespeople: the bigger sale wins on the report, but did it create more value? Part 2 of the series takes up the question directly.
But did it create more value?
A voluntary, informed purchase can create real value simply because both people believe they are better off making the transaction.
Where people disagree
- Many economists define value through voluntary exchange: if informed people freely trade, the trade reveals what it is worth to them.
- Older traditions tied value to the labor or resources that went into making something.
- Philosophers of value ask a wider question: what is good for people at all, and whether money can capture it.
