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Anyone Else Staying Up For The CERN Announcement About The Higgs Boson Tonight?
Facebook's an interesting example. Hugely over-valued by the market in terms of it's potential to make money, yet of enormous intrinsic value to society as a whole.
The solution is generally to use market prices of mortality risk to estimate a price of human life, and combine that with estimates of mortality risk from said carcinogens to set a Pigouvian tax on them.
btw, this is the procedure that modern environmental regulatory agencies actually use, except generally they use slightly different enforcement mechanisms. (In particular, they tend to directly regulate quantities produced based on their own estimates of economic returns to the relevant carcinogen-releasing activities; economists are generally critical of this.)
Facebook's an interesting example. Hugely over-valued by the market in terms of it's potential to make money, yet of enormous intrinsic value to society as a whole.
Your opinion. Even if I didn't think you were an idiot I would trust the market price of Facebook stock as a better estimate than yours.
Not everything's about willingness to pay Kuci.
Of course it isn't, but willingness to pay is better than very nearly anything else we can use.
The solution is generally to use market prices of mortality risk to estimate a price of human life, and combine that with estimates of mortality risk from said carcinogens to set a Pigouvian tax on them.
Or a threat of fines or jail. A societal intervention in the market.
Your opinion. Even if I didn't think you were an idiot I would trust the market price of Facebook stock as a better estimate than yours.
Resorting to insults hardly makes your argument more convincing. It's a tactic I normally come across when the other party is insecure about their position.
Or a threat of fines or jail. A societal intervention in the market.
I addressed that quite clearly. The question you raised is the value of market prices as estimates of value or cost, not as a market-clearing mechanism. The functions are related but distinct.
When it comes to goods and services, sure, but there are things within the human realm that don't fall into those categories.
No. The aggregate wisdom of the market (i.e. the market price) of a thing is a useful way for us to estimate the value of a thing. In the same way, the reading of a scale is a good way to measure the mass of an object, but that mass is property distinct and independent from the measuring device.
I'm a stickler for semantics, so I'm fine with this post. However, it doesn't directly counter what I said, which is that you value the market's wisdom, and I value something else. If you weren't attempting to counter that point, I declare this discussion at an end!
(Also, properly speaking value is a relation between people and objects, not an intrinsic property.)
If you're an economist, sure. If you're a philosopher, there are substantially more ways to think about value. But filosofers are dumb, yadda yadda yadda, yes we know.
Because they still need money to occur, and society wants them to. I didn't say they can't have a dollar cost assigned, just not a dollar value.
Raising children well for example. Parents will forgo income in order to do this, based on personal values, but individuals will vary enormously in the extent they're prepared to do that. Plenty will think that being absent but making heaps of dough is of better utility to their kids.
I guess what I'm really trying to say is that there doesn't have to be a dollar return on investment.
Certainly the investment doesn't have to return actual dollars. But we need to do our best to estimate a dollar value of whatever it does return so we can determine how to allocate our limited resources. Market prices are some of our most powerful tools for doing so.
No one thinks the government needs to fund something that a single person can do in their spare time. If finding the Higgs Boson was actually a useful thing that would improve everyone's lives, it's not like a physicist could do it by himself with no funding while on a two year hiatus.
Why not? Plenty of scientific discoveries have been made that way.
Scouse Git (2)La Fayette Adam SmithSolomwi and Loinburger will not be forgotten.
"Remember the night we broke the windows in this old house? This is what I wished for..."
2015 APOLYTON FANTASY FOOTBALL CHAMPION!
They believe God was once a man and became a God by doing good works. Mormons believe in a different Jesus Christ.
GSM.
Scouse Git (2)La Fayette Adam SmithSolomwi and Loinburger will not be forgotten.
"Remember the night we broke the windows in this old house? This is what I wished for..."
2015 APOLYTON FANTASY FOOTBALL CHAMPION!
They believe God was once a man and became a God by doing good works. Mormons believe in a different Jesus Christ.
No, they believe in the same one. The one that lived on this earth and was crucified by the Romans. They believe he was Christ, redeemer. That is what I claimed. I didn't claim that all their doctrine or absurd explanations of the Holy Trinity is exactly the same as all the doctrine of RCC. (Obviously not a requirement to be Christian anyways.)
Ben doesn't know what he's talking about due to his claim they replaced Jesus with Joseph Smith. No amount of flailing around throwing out irrelevant doctrinal differences is going to change that fact.
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