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Notes -
The utility theory of pricing suggests that potable water (critical for life) should cost more than diamond necklaces (not important). That alone suggests it needs at least some nuance if it wants to make contact with reality.
I think if you want to be more coherent about theories of value, you should probably think a bit more about the margin and factor in include both substitutability & elasticity. Food as an entire category is essential, but on the margin the farmer's product can be substituted for the fisherman's or the shepherd's. Truckers as a category are essential, but on the margin if prices go way up people will ship less stuff. PUHO's super-performant code could be substituted instead for buying a bunch more hours on AWS.
I think there is a key question of filling in the reason why it's given anyway.
Some will say:
Others will say
Yet others will say
And so forth.
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