Price = information, gang. Adam Smith said that any item’s real value is what its purchaser is willing to pay, and this is exactly the kind of thing he was talking about.
Let’s all take another huge toke and return to our Libertarian paradise, where all conceivable information is both completely accurate and totally free to circulate. And since we’re now all so very, very mellow, let’s give Karl Marx due credit. One of his main gripes with “capitalism” is that it “commodifies” everything. Everything has its price under “capitalism”, Marx said, even stuff that shouldn’t – human life, human dignity. Since this is a college classroom and I’m the prof, I can assign some homework. Go google up “kid killed over sneakers”. You can always find stories like that. Put your natural, in-many-ways-admirable young person’s urge to rationalize aside, and simply consider the information. What were those Air Jordans really worth, based on the stuff we’ve learned today?
See what I mean? Marx had a point. What are those sneakers worth, considered from the standpoint of “demand”? Obviously more than whatever a human life is worth, considered from the same standpoint. Hence Marxism’s enduring appeal to young people whose hearts are in the right place. “Commodificiation”, or “reification” as he sometimes called it, is very real, and very nasty …
Severian, “Velocity of Information (I)”, Founding Questions, 2020-12-26.
December 8, 2023
QotD: Prices as information
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