Why prices are so useful is they signal and signify value, or the value people have in them. <\/p>\n\n\n\n
For example, the reason why the price for Bitcoin is so high \u00e2\u20ac\u201d people value it greatly?<\/p>\n\n\n\n
Or the reason why people pay high rents in desirable locations and places \u00e2\u20ac\u201d because it is desirable!<\/p>\n\n\n\n
Also price is also often a great filter; it simplifies life \u00e2\u20ac\u201d typically things on sale make easier purchasing decisions, and makes us feel more satisfied with our decision making process.<\/p>\n\n\n\n
Also a simple calculus \u00e2\u20ac\u201d often things which are more expensive are better<\/em>.<\/p>\n\n\n\n A life without prices would be a terrible life \u00e2\u20ac\u201d the tyranny of day to day living \u00e2\u20ac\u00a6 and impossible societal living!<\/p>\n\n\n\n Prices don\u00e2\u20ac\u2122t lie. <\/strong><\/p>\n\n\n\n Revealed preferences: what people actually spend their own money on reveals what they truly value!<\/p>\n\n\n\n Prices as solidified values?<\/p>\n","protected":false},"excerpt":{"rendered":" Why prices are so useful is they signal and signify value, or the value people have in them. For example, the reason why the price for Bitcoin is so high \u00e2\u20ac\u201d people value it greatly? Or the reason why people pay high rents in desirable locations and places \u00e2\u20ac\u201d because it is desirable! Price as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-624653","post","type-post","status-publish","format-standard","hentry","category-posts"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts\/624653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/comments?post=624653"}],"version-history":[{"count":10,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts\/624653\/revisions"}],"predecessor-version":[{"id":624667,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts\/624653\/revisions\/624667"}],"wp:attachment":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/media?parent=624653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/categories?post=624653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/tags?post=624653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Prices as pure information?<\/h2>\n\n\n\n
A life without prices is tyranny?<\/h2>\n\n\n\n