Economic and Philosophic Value
Further information: Value (economics)Philosophical value is distinguished from economic value, since it is independent on some other desired condition or commodity. The economic value of an object may rise when the exchangeable desired condition or commodity, e.g. money, become high in supply, and vice versa when supply of money becomes low.
Nevertheless, economic value may be regarded as a result of philosophical value. In the subjective theory of value, the personal philosophic value a person puts in possessing something is reflected in what economic value this person puts on it. The limit where a person considers to purchase something may be regarded as the point where the personal philosophic value of possessing something exceeds the personal philosophic value of what is given up in exchange for it, e.g. money. In this light, everything can be said to have a "personal economic value" in contrast to its "societal economic value."
Read more about this topic: Value (ethics)
Famous quotes containing the words economic and/or philosophic:
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