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Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective —… - L. Neil Smith
" "Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective — economic value, anyway — while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process.
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About L. Neil Smith
Lester Neil Smith III (12 May 1946 – 27 August 2021), also known by his nickname El Neil, was a libertarian science fiction author and political activist, whose works include the novels Pallas, The Forge of the Elders, and The Probablity Broach, each of which won the Libertarian Futurist Society's annual Prometheus Award for best libertarian novel.
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Lester Neil Smith III
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Lester Neil Smith
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Additional quotes by L. Neil Smith
If conservatives really believed in individual liberty, as they endlessly claim — and if they used both halves of their brains — then they'd be libertarians. Instead, they sabotage themselves, and their cause, by constantly generating one spurious reason after another to deprive other people of their freedom.
The fact that nobody asks you to sing is not an indication that you should sing louder. This sounds obvious until it's applied to matters like mass transportation. There are virtually no private mass transit companies. This does not represent the failure of the market to provide a needed service, it represents the failure of an unneeded service to go away!
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