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168. Available now: Principles of Economics!

The Bitcoin Standard Podcast

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The Importance of Utility in Economics

In Austrian economics, we understand that value is ordinal rather than cardinal. Cardinal valuation refers to attributing a numerical valuation to each one of those economic goods. And so, for all economic schools of thought, value is usually expressed in an objective way. There is a valuation and it is a number and you can put a number on valuation.

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