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EoE: 2.1.A - Subjective Value

Prof. Don Boudreaux demonstrates the subjectivity of value by comparing a Che Guevara and Milton Friedman t-shirt. He finds that value cannot be determined objectively, as the value of the thing is held only in the mind of the beholder. Therefore, value is not a product of the amount of labor or resources required to make it. Rather, value is determined by the preferences of individuals. This video is included as part of a 40-lesson course on the Economics of Entrepreneurship available now for teachers and students at no charge at FEE.org/Courses.

from U.S. Economic Explained- Subjective Value - Learn Liberty (2016)
Creator: Learn Liberty
Posted by Foundation for Economic Education
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