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by Foundation for Economic Education

1. Explain the concept of subjective value.

2. If value is subjective, how is value measured or shown for the good or service?

3. What does the Professor mean by the statement “Value ultimately comes from the human mind?”

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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