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10 Value is not Price

Finally a reminder. Once the idea of price is introduced one could be forgiven for mistaking price for value, but if one does one fails to understand economics. Value is how much we need or want something, a very personal thing, very subjective, It is the different values different bodies attribute to the same thing that leads to trade at a price they will agree on.

(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.