List 10 reasons why an economic value system based on what people are willing to pay ... is detrimental to society. (buy, salaries)

[SoCalSun]

List 10 reasons why an economic value system based primarily on what people are willing to pay, as opposed to intrinsic value, is detrimental to society.

Best answer gets one million dollars.

[ScoopLV]

Originally Posted by SoCalSun

Best answer gets one million dollars.

Put the prize in an escrow account and I'll play.

[MLSFan]

what do you mean by intrinsic value? Unless everyone is their own boss, why should someone value one person over another if both can do the job?

What's the intrinsic value of being a janitor or doctor? If you can clean up after yourself, you don't need the former, if you don't get sick, you don't need the later. But if something happens, I know who I'd pay more for, price of not being the first test subject

OR did you mean that both professions work same X hours so should be paid the same? hm... again, I rather not be tested upon but have someone already experienced

[SoCalSun]

CLARIFICATION:

I am referring to cost of goods, not salaries.

[Jeo123]

Originally Posted by SoCalSun

CLARIFICATION:

I am referring to cost of goods, not salaries.

Then that just makes this more confusing. What's an example of something where you think the price is set based on intrinsic value compared to what people are willing to pay?

Nothing has intrinsic value, it's always based on what people are paying since neither gold nor a painting are worth anything if people won't pay for them.

[SportyandMisty]

I smell a troll

[freemkt]

Originally Posted by SoCalSun

List 10 reasons why an economic value system based primarily on what people are willing to pay, as opposed to intrinsic value, is detrimental to society.

Best answer gets one million dollars.

One million Zimbabwean dollars?

[lucknow]

OK, I live in a town in the middle of the desert and I own the only water source. My well has an unlimited supply but I control how much can be used. I put a price on my water that basically takes almost all of the people's income after basic needs. The people pay my price because without the water they die! Those who can't afford it do die.

That is detrimental to society in a big way.People die, I have to spend a huge % of my take guarding my water, build prisons for those who steal my water and live in a fort because of all the people who would like to kill me. Because my water takes up so much of the national income, it becomes impossible for the general economy to develop in any way.

[Troyfan]

I don't care if it's detrimental or not. If something costs more than I'm willing to pay I won't buy it. If it's priced less, I'll buy lots of it. It can be priced by fiat, by a committee, by vote. It doesn't matter. If it's not worth to me what it's price is, I won't buy it regardless of how the price is set.

[usayit]

Intrinsic value... it doesn't exist. Value is assigned....