Comment by jjoonathan
2 years ago
> value
In this case we have two approximately equal economists, but in general any discussion about revealed preferences, utility, and value is remiss without a parallel discussion on how value is wealth-weighted. Feeding a starving orphan creates 0 economic value because the orphan has no money, but figuring out how to merge companies into a monopoly creates extreme amounts of economic value by way of making rich investors even richer.
> 0 economic value
Economic value is not only distinguished as economic measurement. This is why utility theory and revealed preference theory exist.