9 | Value
Our values are what we aim at, and judge to be worth aiming at. Economics, entrepreneurship, and ethics are each about the study of value.
The number of Internet users worldwide has now surpassed two billion and so many of us have integrated the web into our lives so much that it's hard to quantify how much it's worth to us. But why not give it a shot? Think about it. How much would someone have to pay you to give up the Internet for the rest of your life? Would a million dollars be enough? Twenty million? How about a billion dollars?
Why should nature be taken into account when looking at the economy as a whole? A Bee's Invoice uncovers and incorporates the hidden value of natural capital in the measurement of our economy.
Three short stories about putting a price on something hard to value precisely. We go from $4.66 under a pillow all the way up to $1 trillion across every inch of highway in America
Capitalist societies have three problems: They elevate material values over others. They create winners and losers. They undermine communities. We have known about these problems for centuries. This essay will explain why they persist.
The number of Internet users worldwide has now surpassed two billion and so many of us have integrated the web into our lives so much that it's hard to quantify how much it's worth to us. But why not give it a shot? Think about it. How much would someone have to pay you to give up the Internet for the rest of your life? Would a million dollars be enough? Twenty million? How about a billion dollars?
Did you set a New Year's resolution for yourself? Is your resolution flourishing or did you forgo it entirely? This video explores why resolutions fail, and how to help yours succeed.
This advanced level paper, by Michael Huemer, discusses and compares various theories of economic value.
David Schmidtz's reply to Peter Singer from the forthcoming "Reinventing the Moral Sciences"
If Art sells potato chips to Betty, both Art and Betty are happy with the transaction. Betty has chips, and Art has been paid for them.
If Art sells potato chips to Betty, both Art and Betty are happy with the transaction. Betty has chips, and Art has been paid for them. If Betty eats her chips loudly and it irritates Carl, then Carl bears a cost because of Art and Betty's transaction. Carl didn't have anything to do with the sale of the chips, but now he has to listen to them crunching. The cost Carl bears is called an externality. It is a cost that affects someone outside of the transaction. Prof. Michael Munger explains how externalities can arise and some options for resolving them
Why should nature be taken into account when looking at the economy as a whole? A Bee's Invoice uncovers and incorporates the hidden value of natural capital in the measurement of our economy.
Judge quashes order to repaint London house, in win for property developer who denied choosing colour scheme out of spite
Judge quashes order to repaint London house, in win for property developer who denied choosing colour scheme out of spite
This website is an excellent guide to understanding externalities.
Externalities are a form of market failure. Externalities are defined as the spillover effects of the consumption or production of a good that is not reflected in the price of the good. For example, the production of steel results in pollution being released into the air, but the cost of the pollution to the environment is not reflected in the price of steel.
One day it's profitable to recycle a bottle. The next day, some number in the global economy changes and that bottle suddenly becomes trash. The line between trash and recycling is moving a lot these days. For a bunch of reasons, it's a tough time to be a recycler.
What do banks do with our deposits? You think that banks are where your cash is stored and safeguard and that a dollar bill is money. Well, you’re wrong. Like, really wrong.
What is the real value of a dollar? You think that a dollar bill is money and that banks are where your cash is stored and safeguarded. Well, you’re wrong. Like, really wrong.
Three short stories about putting a price on something hard to value precisely. We go from $4.66 under a pillow all the way up to $1 trillion across every inch of highway in America
That may seem like a really simple question, but it’s actually kind of complicated. Paper bills and coins, or currency, is obviously money. But it doesn’t end there.
Prof. Steve Horwitz addresses the common belief that the world is running out of natural resources. Instead, there are economic reasons why we will never run out of many resources
Over the course of the three months, 145 levees would fail, and 27,000 square miles across ten states were put underwater.
Discussion question to ask students: How is managing the Mississippi like managing the whole society? How is it different?