They value is subjective, the price is objective. Only the consumer knows what satisfaction he will derive and where on his priority list it lies and therefore the value of the good. The price is what is exchanged on the market for the good and can be objectified very quickly and easily: look at the receipt.

Rothbardian_fanatic

the fact that we would or could pay for something is distinct from its economic value

That is the disagreement. The value of a good is what the consumer is willing to pay for it. Price and willingness to pay are totally different concepts.

BooksAndArticles

Music Has No Economic Value; Convince Me Otherwise (TDE, Joakim Book)

denlillaapan

> the fact that we would or could pay for something is distinct from its economic value

That is the disagreement. The value of a good is what the consumer is willing to pay for it. Price and willingness to pay are totally different concepts.