TheHumbleWun
Banned
Saalmalikum,
One of the most complicated and most often misunderstood parts of economy is the concept of "value". The worst mess is within Marxism, which has a seemingly endless list of different types of "values".
The discussion of values all start with one simple question:
What is something worth?
The answer is one of these answers that are so deceptively simple that it seems obvious when you know it. But then remember that it took economists more than a 100 year to figure it out. Something is worth whatever you think it is worth.
It may seem like this answer doesn't help us much, but in fact, it does. Because your opinion of what something is worth may not be the same as my opinion. And this is very important: An objects worth is a subjective property. The classic example, is when you are in the middle of a desert and your quenching for water because you are very thirsty, but you ran out. However, you did find some precious diamonds in the desert. Along comes a guy with a truck load of water and sees you sweaty and notices you licking your chapped lips. He extends you help but says his water is worth $5000. The man trades his worthless diamonds for a cup of water. Now do you realize what value is?
Maybe this will help.....
To realize the value of one year: Ask a student who has failed his final exam.
To realize the value of one month: Ask a mother who has given birth to a premature baby.
To realize the value of one week: Ask an editor of a weekly newspaper.
To realize the value of one day: Ask a daily wage laborer who has 10 kids to feed.
To realize the value of one hour: Ask the lover who are waiting to meet.
To realize the value of one minute: Ask a person who has missed the train, the bus or the plane.
To realize the value of one second: Ask a person who has survived an accident.
To realize the value of one millisecond: Ask the person who has won the silver medal in the Olympics.
Time nor death waits for no one. Treasure every moment you have and use your time wisely. Salat(prayer) should be top priority because death is knocking on all of our doors and we may not be able to see the next hour, minute, millisecond, etc.
One of the most complicated and most often misunderstood parts of economy is the concept of "value". The worst mess is within Marxism, which has a seemingly endless list of different types of "values".
The discussion of values all start with one simple question:
What is something worth?
The answer is one of these answers that are so deceptively simple that it seems obvious when you know it. But then remember that it took economists more than a 100 year to figure it out. Something is worth whatever you think it is worth.
It may seem like this answer doesn't help us much, but in fact, it does. Because your opinion of what something is worth may not be the same as my opinion. And this is very important: An objects worth is a subjective property. The classic example, is when you are in the middle of a desert and your quenching for water because you are very thirsty, but you ran out. However, you did find some precious diamonds in the desert. Along comes a guy with a truck load of water and sees you sweaty and notices you licking your chapped lips. He extends you help but says his water is worth $5000. The man trades his worthless diamonds for a cup of water. Now do you realize what value is?
Maybe this will help.....
To realize the value of one year: Ask a student who has failed his final exam.
To realize the value of one month: Ask a mother who has given birth to a premature baby.
To realize the value of one week: Ask an editor of a weekly newspaper.
To realize the value of one day: Ask a daily wage laborer who has 10 kids to feed.
To realize the value of one hour: Ask the lover who are waiting to meet.
To realize the value of one minute: Ask a person who has missed the train, the bus or the plane.
To realize the value of one second: Ask a person who has survived an accident.
To realize the value of one millisecond: Ask the person who has won the silver medal in the Olympics.
Time nor death waits for no one. Treasure every moment you have and use your time wisely. Salat(prayer) should be top priority because death is knocking on all of our doors and we may not be able to see the next hour, minute, millisecond, etc.