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.

Would You Give Up the Internet for $1 Million

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?

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Would You Give Up the Internet for $1 Million

Value

Ep. 5: A Bee's Invoice: The Hidden Value in Nature | Adrian Grenier

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.

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Ep. 5: A Bee's Invoice: The Hidden Value in Nature | Adrian Grenier

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.

Positive Externality Resources Subjective Value

Episode 759: What's it Worth To You?

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

Read more

Episode 759: What's it Worth To You?

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

Subjective Value

NewThree Problems with Capitalism | Advanced

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.

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Three Problems with Capitalism | Advanced

Related Resources

Value

Positive Externality

Subjective Value

Resources

Would You Give Up the Internet for $1 Million

Value

Your New Year's Resolution Has Already Failed

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.

Your New Year's Resolution Has Already Failed

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.

Your New Year's Resolution Has Already Failed

Value

NewThe Theory of Economic Value | Advanced

This advanced level paper, by Michael Huemer, discusses and compares various theories of economic value.

The Theory of Economic Value | Advanced

This advanced level paper, by Michael Huemer, discusses and compares various theories of economic value.

Equilibrium Price Subjective Value Value

NewAdvancedBeyond Shallow Pond | David Schmidtz | Advanced

David Schmidtz's reply to Peter Singer from the forthcoming "Reinventing the Moral Sciences"

Beyond Shallow Pond | David Schmidtz | Advanced

David Schmidtz's reply to Peter Singer from the forthcoming "Reinventing the Moral Sciences"

3. Shallow Pond.docx

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Ethics Value

Externalities | Paul Solman

A brief video covering the concept of externalities.

Externalities | Paul Solman

A brief video covering the concept of externalities.

Negative Externality Positive Externality

Externalities: When Is a Potato Chip Not Just a Potato Chip?

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.

Externalities: When Is a Potato Chip Not Just a Potato Chip?

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

Externalities: When Is a Potato Chip Not Just a Potato Chip?

Negative Externality Positive Externality

Orange Blossom Special: Externalities and the Coase Theorem

Mike Munger discusses externalities and orange blossoms.

Orange Blossom Special: Externalities and the Coase Theorem

Mike Munger discusses externalities and orange blossoms.

Positive Externality

Ep. 5: A Bee's Invoice: The Hidden Value in Nature | Adrian Grenier

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.

Ep. 5: A Bee's Invoice: The Hidden Value in Nature | Adrian Grenier

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.

Positive Externality Resources Subjective Value

Court Rules Woman Can Keep Her Red and White Striped Townhouse

Judge quashes order to repaint London house, in win for property developer who denied choosing colour scheme out of spite

Court Rules Woman Can Keep Her Red and White Striped Townhouse

Judge quashes order to repaint London house, in win for property developer who denied choosing colour scheme out of spite

Negative Externality Pecuniary Externality Positive Externality

Externalities - Intelligent Economist

This website is an excellent guide to understanding externalities.

Externalities - Intelligent Economist

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.

Negative Externality Positive Externality Subsidy

Episode 613: Trash!

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.

Episode 613: Trash!

Objective Value Subjective Value

Ep. 7: The Second Part of That Film About Money | James Schamus

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.

Ep. 7: The Second Part of That Film About Money | James Schamus

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.

Ep. 7: THE SECOND PART OF THAT FILM ABOUT MONEY | James Schamus

Money Subjective Value

Ep. 6: That Film About Money| James Schamus

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.

Ep. 6: That Film About Money| James Schamus

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.

Ep. 6: THAT FILM ABOUT MONEY | James Schamus

Money Subjective Value

Episode 759: What's it Worth To You?

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

Episode 759: What's it Worth To You?

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

Subjective Value

What is Money?

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.

What is Money?

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.

What Is Money?

Barter Coinage Marginal Value Objective Value Subjective Value

Are We Running Out of Resources?

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

Are We Running Out of Resources?

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

Are We Running Out of Resources?

Open Market Operations Resources Scarcity Shortage

NewAmerica’s Last Top Model | 99% Invisible

Over the course of the three months, 145 levees would fail, and 27,000 square miles across ten states were put underwater.

America’s Last Top Model | 99% Invisible

Over the course of the three months, 145 levees would fail, and 27,000 square miles across ten states were put underwater.

Resources

America’s Last Top Model | 99% Invisible | Instructor Version

Discussion question to ask students: How is managing the Mississippi like managing the whole society? How is it different?

America’s Last Top Model | 99% Invisible | Instructor Version

Discussion question to ask students: How is managing the Mississippi like managing the whole society? How is it different?

Resources

Sections

Introduction
Part 1: Key Concepts
Part 2: Progress
Part 3: Understanding Trade
Part 4: Trust, Agency, and Bystanders
Part 5: Management of a Commercial Society
Part 6: Personal and Business Finance
Part 7: Innovation and Entrepreneurship

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9 | Value

Would You Give Up the Internet for $1 Million

Ep. 5: A Bee's Invoice: The Hidden Value in Nature | Adrian Grenier

Episode 759: What's it Worth To You?

NewThree Problems with Capitalism | Advanced

Related Resources

Would You Give Up the Internet for $1 Million

Your New Year's Resolution Has Already Failed

NewThe Theory of Economic Value | Advanced

NewAdvancedBeyond Shallow Pond | David Schmidtz | Advanced

Externalities | Paul Solman

Externalities: When Is a Potato Chip Not Just a Potato Chip?

Orange Blossom Special: Externalities and the Coase Theorem

Ep. 5: A Bee's Invoice: The Hidden Value in Nature | Adrian Grenier

Court Rules Woman Can Keep Her Red and White Striped Townhouse

Externalities - Intelligent Economist

Episode 613: Trash!

Ep. 7: The Second Part of That Film About Money | James Schamus

Ep. 6: That Film About Money| James Schamus

Episode 759: What's it Worth To You?

What is Money?

Are We Running Out of Resources?

NewAmerica’s Last Top Model | 99% Invisible

America’s Last Top Model | 99% Invisible | Instructor Version