Type:

Video

Description:

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 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.

Subjects:

  • Social Studies > Economics

Education Levels:

  • Grade 11
  • Grade 12
  • Higher Education

Keywords:

economics, value, subjectivity, objectivity

Language:

English

Access Privileges:

Public - Available to anyone

License Deed:

Creative Commons Attribution 3.0
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