The Subjective Theory of Value

Fans of J.S.G. Boggs should enjoy Noney, a hand-drawn, hand-signed, and hand-printed currency. "Each Noney note has the same denomination: zero," its website explains. "This doesn't mean each note has no value…just relative value. There's no fixed exchange rate or area of operation. Noney's worth as both art and currency is something to negotiate through each individual transaction -- anywhere."

[Via Abstract Dynamics.]

Comments

[Anonymous]

Exactly. It's worth what someone's willing to give you for it.

[Plutarck]

Price is determined by what someone will pay for something - value is basically a personal thing, unique to each individual, and cannot much be reasonably quantified.

Unless you are using the terms interchangably, of course.

[Kevin Carson]

Maybe instead of "In God We Trust," Boggs should put "Fair and Balanced" on his money. THAT'll sure bring down the law on him.

On a more serious note, Plutarck, price is determined by what someone WILL pay for something only when the good is in inelastic supply. When market entry is free, output will increase until the marginal price is just enough to bring the good to market--at which price will equal cost.

[Arborday Michael Smith]

So this is worth exactly as much as all other money (fiat _or_ gold)?

[thief]

Can I use these to pay for my downloads?