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Our most practical metric for determining something's value is money. However, there are two issues with this. First, if people are not willing to pay for something, does that mean it is worthless? Van Gogh only sold one painting in his life--he sold it for 400 francs, 7 months before his death. Now, Van Gogh paintings are worth tens of millions of dollars. Second, if the measuring stick (our fiat money) is constantly changing in size (increasing in supply and manipulated by the government) how can we accurately measure the value of anything? We discuss these issues as well as better ways to accurately assess value in Episode 25: True Value
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Send us a text
Our most practical metric for determining something's value is money. However, there are two issues with this. First, if people are not willing to pay for something, does that mean it is worthless? Van Gogh only sold one painting in his life--he sold it for 400 francs, 7 months before his death. Now, Van Gogh paintings are worth tens of millions of dollars. Second, if the measuring stick (our fiat money) is constantly changing in size (increasing in supply and manipulated by the government) how can we accurately measure the value of anything? We discuss these issues as well as better ways to accurately assess value in Episode 25: True Value