tag:blogger.com,1999:blog-28755195.post4304377137593367953..comments2023-09-25T04:26:51.568-06:00Comments on The Barefoot Bum: Economics: value and costLarry Hamelinhttp://www.blogger.com/profile/08788697573946266404noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-28755195.post-83444493648990960662008-04-09T10:56:00.000-06:002008-04-09T10:56:00.000-06:00How are you defining “inherent value”?It's the pri...<I>How are you defining “inherent value”?</I><BR/><BR/>It's the price at which the consumer would feel that she had made an irrelevant exchange. It would be a rip-off at a higher price, and desirable at a lower price. Statistical interpretations apply when dealing with multiple consumers.Larry Hamelinhttps://www.blogger.com/profile/08788697573946266404noreply@blogger.comtag:blogger.com,1999:blog-28755195.post-26586986786482735312008-04-09T10:48:00.000-06:002008-04-09T10:48:00.000-06:00How are you defining “inherent value”?How are you defining “inherent value”?Eric Haashttps://www.blogger.com/profile/04468387756778920730noreply@blogger.comtag:blogger.com,1999:blog-28755195.post-57982226760309287712008-04-03T12:51:00.000-06:002008-04-03T12:51:00.000-06:00I still remember the first economics lesson my dad...I still remember the first economics lesson my dad ever gave me as a child - it took me sometime to figure it out. <BR/><BR/>He gave me an orange (or something) and said, essentially, "this is the only thing for sale in the entire world - nothing else exists". Then he said that the total sum of money that existed in the world was something like a million dollars. Then he said, "and given that, the orange will sell for one million dollars"DBBhttps://www.blogger.com/profile/17805375811782552873noreply@blogger.comtag:blogger.com,1999:blog-28755195.post-24935071313145034452008-04-03T06:37:00.000-06:002008-04-03T06:37:00.000-06:00We're still assuming that each person is inherentl...We're still assuming that each person is inherently capable of making anything. The only constraint is on how many of each item are wanted: we can make only 1,000 widgets; the 1,001st would simply be wasted.<BR/><BR/>This is, of course, a simplifying assumption and will need to be reexamined later.Larry Hamelinhttps://www.blogger.com/profile/08788697573946266404noreply@blogger.comtag:blogger.com,1999:blog-28755195.post-2196426980039338422008-04-03T06:32:00.000-06:002008-04-03T06:32:00.000-06:00Larry, I'm confused. If we have 30 people, we can ...Larry, <BR/><BR/>I'm confused. <BR/><BR/><I>If we have 30 people, we can make widgets, gizmos and doodads, but we can't make gegaws (excess value of $0.40); and the opportunity cost of widgets, gizmos and doodads falls to $0.40.</I><BR/><BR/>suppose some of the workers not making widgets are capable of making them, wouldn't the opertunity cost of units of widgets they make, be grater than the O.C. for widgets made by workers only capable of making gegaws?The Celtic Chimphttps://www.blogger.com/profile/04570106602777322387noreply@blogger.com