[youtube]http://www.youtube.com/watch?v=p4MagNKICiw[/youtube]
Market Value is not subjective, although tenuous.
Yes, it is subjective. [size=85](See, I can bold stuff too)[/size]
Market Value is based on the circumstances around which the object and service is being requested. A glass of water is worth a lot more in the middle of a desert, than it is in the middle of a well stocked grocery store. The prices will adjust accordingly. Further, any attempt to control those prices will lead to disequilibrium in the Market Value for that object and service. This disequilibrium will create shortages and surpluses as the circumstances change. If you limit what the cost of water is in the middle of a desert, to below its equilibrium value, people will have no reason to bring water into the middle of the desert, ironically increasing the Market Value of water, in the middle of the desert… Further, if that water was originally purchased from the Grocery Store, this could (if this was the only place to buy water) create a surplus, decreasing the Market Value of water, in that grocery store…
We can’t know the Market Value of the painting, because we don’t know any situations around it. Is it a 5 year-old’s painting? If so, then it might be priceless to the mother, but it is probably worthless to an art collector. If it is a painting by a famous painter from the Renaissance? Then, for the mother it might be worthless, sold immediately for the cash gained, while the art collector pays what he can to get it from her. Whatever value they reach is the Market Value for the object in that exchange.
Note, this is not nearly as funny as the video, watch it instead.
there are a couple of facts that should be of some concern to any who think.
That 500 people who are fortune 500 have as much wealth as the bottom
half of planet earth. in other words, 500 people have as much wealth as 3.5
billion people. We hear of people saying about public projects, we don’t have
the money to do that. And we don’t because so much wealth is in the hands of
the few, the 500 who own much of the earth’s wealth. Too much wealth is in the hands
of the few and this is damaging people and earth. There is only so much wealth that can
be distributed around and if the majority of that wealth is in the hands of the few, what do
we get? Say all the wealth on earth is in the shape of a pie cut into 10 pieces. you have ten people to
share that pie with, so what have you got right now?
One person will get 9 pieces of pie and then 9 people fight over the last piece of pie.
so it goes, a small percent of the population, 1% get 90% of the wealth and 90 % fight over
the 10% of the pie. How is this fair, equitable, or even right? it isn’t. And those who wonder
what is wrong with the world, you may want to start with the idea of the 1% owning 90% of
all wealth. someone who owns that much money is a danger to everyone else. I grew up in a
large family and if everyone didn’t get the same amount of toys or candies, you would have fight
between children over the fact, someone got gypped. The same is true large scale,
if large sections of the population doesn’t get a fair share, you will have fights which we
call revolutions. We are facing large scale battles between the haves and the have not’s.
this coming battle will be between counties, sections of populations, fighting for equality.
The wars will have several dimensions, the fight will be over lack of resources, water, oil and
food will be one dimension, income inequality will be one part, the clear and obvious
double standard that the justice systems has, one for wealthy and one for everyone else.
So the battle will also extend to the government and its agents of injustice, police, courts,
district attorneys. the entire legal system which has failed to practice justice fairly.
We shall see revolution and fighting on a scale we have not seen before because it will cross
party lines, local lines, but reach across state and country borders. It will flame in
countries around the world and it won’t be pretty. World wide struggle against income inequality,
pitting the wealthy and the state because the wealthy bought the state against the mass of people,
the 90%, world wide. Unless…unless we come to grips with income inequality today, right now.
We are close to a turning point, a crux in these matters. The world cannot survive billionaires
and it certainly won’t survive Trillionaires.
Wealth created by all must be shared by all.
Kropotkin
Everyone’s opinion is independent of any one’s opinion.
The fact that something changes through time or is contingent, does not make it subjective. A market value is independent of what you think it is. It is what it is.
The average subjective value is an objective value.