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01 Value

It is very easy to confuse the concept of value with the concept of price. Value is not price. Imagine, if you will, a world without money and begin from there.

Where there is a benefit for a being in having a thing, then that thing has value for that being. The benefit of having a thing will depend not only on the thing its self but also on the being, and their current circumstances. When you are thirsty, water is more valuable to you.

Beings that are quite different, will attribute very different values to the same thing. Pigs will attribute more value to mud than horses, and less value to Swiss watches than humans, where as beings that are quite similar, will attribute quite similar values to the same thing. Most humans will attribute similar value to a given silver spoon.

Circumstances effect value, in that a nut is of more value to a human who has a bolt, that will fit it, petrol is of more value to a car owner than a bicycle owner and so on.

Notably also, where there is a benefit for a being in not having a thing, then that thing has negative value for that being. Waste is taken away from our houses on a weekly basis.

So value, is not a property of a thing its self, but is a personal measure of the perceived benefit, a being would attribute to having that thing.

Because human beings are of similar type, and all need to eat regularly, the value of grain is fairly consistent for all of them. Many other things have a fairly consistent value for all humanity, though value may depend on time, place amount and form so some body may choose to;-
  • save something until a time when it will be of more value.
  • transport something to another place where it is of more value.
  • divide something up into smaller more manageable amounts which are of more total value than the original large amount. 500 Kgs of salt is perhaps more valuable when divided into 500 gram packs, a size that can be put on the table.
  • transform something into another form that will be of more value. A chair may be a more valuable form of wood then the raw wood its self.

Economic Bodies

Define an economic body is any entity which can possess or own something. As has already been seen, a being is an economic body, but also so is a business, a club, a government, an institution and so on. Therefore the term "body" is used throughout the text as an abbreviation for "economic body". Thus the words "any body" and "some body" mean "any economic body" and "some economic body" respectively, but the words "anybody" and "somebody" refer to people and nothing else, as they normally do in English. 

(C)2010 Tom de Havas. The information under this section is my own work it may be reproduced without modification but must include this notice.