Episode 119: Words & Numbers Listener Special #3
Words & Numbers
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The Subjective Theory of Value
The subjective theory of value is an interesting one. It's the assertion that there isn't a single thing in the world that has inherent value. So how much somebody wants something and is willing to pay for it, that's the only thing that can tell you what the value of that thing is. In modern monetary theory, when people talk about increasing government spending, they're appealing to the labor theory of value.
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