I'll just repeat what I said earlier in the thread:
[COLOR=navy]People believe, rightly or wrongly (mostly wrongly), that private enterprise has failed them in this financial crisis. Theres no doubt in my mind that there's going to be a huge shift back towards a Keynesian demand-management economic model - even though the theory is completely bunk.
Bank nationalisations and government managed stock markets are to me, [/COLOR][COLOR=green]a definition of true socialism[/COLOR][COLOR=navy]. Once capital is centrally allocated it's game over for capitalism.[/COLOR]
[COLOR=black]Call it what you want - either way, it ain't good.[/COLOR]
Coolio.
I'm personally into the Subjective Theory of Value - an object is valuable because the human mind attatches value to it.
Physical objects such as a banana or an automobile do not possess intrinsic economic value. On the contrary, only a human mind can attribute value to such items, and only then do economists classify them as goods. An object is valuable only because there is at least one human being who believes that this object can help satisfy his or her subjective desires. For example, even if a particular root cures cancer, if no one knows this fact, then the root has no economic value, and people will not trade money for it. Consequently, value is caused by an individual's subjective desires and his or her beliefs about the causal properties of a particular item.
Source: Are You an Austrian? :: Mises Institute
And:
"The measure of value is entirely subjective in nature, and for this reason a good can have great value to one economizing individual, little value to another, and no value at all to a third, depending upon the differences in their requirements and available amounts...Hence not only the nature but also the measure of value is subjective. Goods always have value to certain economizing individuals and this value is also determined only by these individuals."
Subjective theory of value - Wikipedia, the free encyclopedia



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