'Value', as a concept, cannot explain why humans value oxygen but are not being prepared to spend their money to buy any quantities of it.
'Marginal Utility' is a better concept in that respect: it explains the hefty premium people are prepared to pay for luxury goods according to tangible or intangible (such as 'perceived status') benefits.
It is possible that one man's 'marginal utility' is another man's foolishness, but, hey, we live in democracy :-)
Because of the subjective nature of 'marginal utility', that only partially is amenable to logic, it is impossible to synthesise the polarised views expressed in this thread.
This, though, should not be an obstacle in having more events like the one organised by Thom in the RMAF 2010
'Marginal Utility' is a better concept in that respect: it explains the hefty premium people are prepared to pay for luxury goods according to tangible or intangible (such as 'perceived status') benefits.
It is possible that one man's 'marginal utility' is another man's foolishness, but, hey, we live in democracy :-)
Because of the subjective nature of 'marginal utility', that only partially is amenable to logic, it is impossible to synthesise the polarised views expressed in this thread.
This, though, should not be an obstacle in having more events like the one organised by Thom in the RMAF 2010