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20331 cr points
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23 / M / Texas
Posted 8/22/13
This is something that I have been thinking about for some time now, and I assume we've all taken Economics before, but anyway on to my question.

Fiat Money - Currency that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith.

We all understand that the pieces of paper you have in your wallet are only worth something because your government says so, so who says that gold or silver isn't the same? I mean, sure it's a precious metal, but it only has value because we say so, and that's the same way with the paper bills and stuff, so my question is, Is value a thing of the mind? Does it really matter?
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29 / M / Ohio
Posted 8/22/13
Value exists because of supply and demand.

People desire objects, there's a certain amount of the objects available, and so a value is placed on them to accommodate the forces at work. Supply and demand doesn't just apply to selling goods, it can be applied to everything that any person can desire.

So yes, value is created by the collective desires present within our minds. Does it matter? Well asking questions is never a bad thing, and considering a topic's implications can be rewarding at times; Just not in regards to this subject.

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27 / F / Samsara
Posted 8/22/13
It's only as valuable as society deems it to be that way.. The government doesn't decide if it hold's value or not either... Sometimes govermnent fked up the currencies in some countries and the people started trading in cigarettes ect.. Fiat money is the same as dollar's but probably more useful than dollar's cuz you waste less resources (no cutting down tree's or anything..u know) so yeah value is a human creation.. not a frken law of the universe... idk why some people give value to some thing's though.. some things are just stupid >_< -_-"
Posted 9/8/13
Worth is subjective, so it has no one true definition.
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48 / Chico
Posted 9/9/13
i agree about it being subjective ... value for the individual is based on what they have experienced what they have learned and what they know ... value to one is not the same as value to another ... its all about perspective.
Posted 9/10/13 , edited 9/10/13
I think that the value of something depends on the individual. For example; I value my faith because it's 80% of who I am. But some business tycoon will probably put "logic" before almost everything.

But I disagree that worth is subjective. What IS worth something to each and every person is what is subjective.

This issue of money is not something relatable, imo, because I disagree with the idea of money for a completely different reason. I don't think even the government values money. It's probably just a form of control that stops people from relying on solely themselves to get by and not respect anyone's differences.

By the way, I don't think I've taken Economics. : / If I did, it was way back when and I can't remember.
Posted 9/12/13
Not sure why you'd ask if it matters
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Posted 1/3/14 , edited 1/3/14
Value is an abstract object, there is no scientific way to quantify it.
We all agree that all things has some degree of value or a lack thereof, because we assign it to them.
In order to understand what value is and it's importance, you would need to study Philosophy , not Economics.
Posted 1/4/14
Gold can be used for many things, in modern times, for electrical conductivity since they are the best ones out there.

If industrialism is gone, gold will still have value because it can be used to make pottery or whatever. It's not just a precious metal, it's very useful for purposes that only the properties of gold can achieve. In addition, gold doesn't rust like silver or copper.

If all society and civilization is lost, then that is when gold will have no value whatsoever; and we're just barbarians hunting for food...

In that case, value can be given to things that can help organisms survive, such as basic food and a shelter.
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26 / M / Pandemonium
Posted 1/4/14
Well the way I see it is that there are at least two different types of value.
There is value for that which is merely a commercial product, which can be replaced by something equally functional and identical.
But then there is also value for that which is unique and which if destroyed, could not be brought back.

Value for the former is a matter of supply, demand and most of all -- scarcity. Once nanotechnology comes so far as to reach the point where we can eliminate scarcity, this form of value will cease to exist.

Value for the latter will always exist. It's a subjective type of value, but it is still very much real.
Honestly, by its nature of being subjective, it HAS to be real.
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23 / M / Wales, UK
Posted 1/4/14
"Everything is worth what its purchaser will pay for it" - Publilius Syrus.
27911 cr points
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39 / Inside your compu...
Posted 1/4/14
Value comes from need. Do you have needs? Need is real so value is obviously also real.
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Posted 1/5/14 , edited 1/5/14
Robinson Crusoe pondering a lump of gold.
Posted 1/12/14

Being alone eventually leads to insanity and death.
Being bored eventually leads to insanity and death.
Starvation leads to death.
Lack of security might lead to death.
When you're in pain (physical and mental) you need relief.

Everything is valuable for those reasons.

Hoarding and transportation are valuable for those reasons. Even sex. Pornography.

"Friend" is a stupid word. You don't have "friends"; you know friendly people, and friendly people can be companions. Companions can offer a sense of security, aid when you're wounded, and help relieve boredom. That's why companions are considered valuable.

"Love" is considered valuable because it relieves the feeling of being alone.

Worth is tied to quality, and quality is tied to security. Again, it's all relevant.
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25 / M
Posted 1/12/14
Value is in the eye of the beholder, just like beauty.
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