In response to:

What's Behind Inequalities In Income Distribution?

Eleanor32 Wrote: Nov 02, 2012 9:01 AM
The "value" of anything always comes down to the old adage: What price is a willing seller willing to sell it for and a willing buyer willing to pay for it. Inflation and deflation sets the price of any given object or commodity, witness the "value" of houses and gas lately.
Don't Tread On Me3 Wrote: Nov 02, 2012 10:52 AM
Value is relative. That's why commerce is even possible or necessary. I might value swept floors or washed dishes more than $7.50 + taxes & benefits an hour; a hungry person with no particular skills might value that money more than the leisure to sit on the sidewalk. You value a roast more than the $10.35 the grocery store is asking for it; they want the money more than the meat, obviously. You value being 10 miles away, right now, more than the $80 in your pocket; the taxi driver wants the money. Somebody else might be willing to walk because they value te money more than the speed & convenience.

Here is the question of the day: What's Behind Gross Inequalities In Income Distribution?

I ask the question after reading three incorrect answers in the article Inequality and the Second Gilded Age on the Real-World Economics Review Blog.

Misguided Notions on Commodity Values

Writer David Ruccio kicks things off by stating "The only way you can answer that question is based on a theory of value — a theory of how commodity values are determined and how the...

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