I’m not sure I agree that there’s any objective utility to any component of this. For relatively liquid markets, there is an objective exchange value at any given instant, but it’s based on the relative values of the things being traded.
I also oversimplified when I said the individual variance in valuation was irrational. There’s LOTS of rational variance—some people don’t like coffee, and most people don’t need 50 cups of it all at once.
Ain’t nothing here that’s objective nor constant. Differing relative marginal value is it. Without that, there’s no exchange, and no value to think about.
I’m not sure I agree that there’s any objective utility to any component of this. For relatively liquid markets, there is an objective exchange value at any given instant, but it’s based on the relative values of the things being traded.
I also oversimplified when I said the individual variance in valuation was irrational. There’s LOTS of rational variance—some people don’t like coffee, and most people don’t need 50 cups of it all at once.
Ain’t nothing here that’s objective nor constant. Differing relative marginal value is it. Without that, there’s no exchange, and no value to think about.