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EvC Forum ⇒ Side Orders ⇒ Coffee House ⇒ Economics: How much is something worth? ⇒

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Topic: Economics: How much is something worth?

Minnemooseus

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Posts: 3945

From: Duluth, Minnesota, U.S. (West end of Lake Superior)

Joined: 11-11-2001

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Message 43 of 330 (661077)
05-01-2012 8:49 PM

Reply to: Message 34 by Percy
05-01-2012 4:01 PM

A fraudulent item is not worth the same as the real thing

Until you discover the fraud you believe you have an item worth $300 and that the shop has $300 of your money. Everything seems fair and your net worth hasn't changed.

But once you discover the fraud the iPod has to be written off, probably 100%. You've just lost $300 in net worth, and the wealth of the nation has declined by the same amount.

You thought the "iPod" was worth $300, but found out you were wrong. You did not get what you paid for. The "iPod" was actually worthless.

The seller committed a fraud - Presenting something having no value as having value.

Moose

Edited by Minnemooseus, : Blotched the quote code, and didn't bother using "preview". Therefore the value of "preview" was worthless.

Edited by Minnemooseus, : Replaced worthless subtitle.

This message is a reply to:
	Message 34 by Percy, posted 05-01-2012 4:01 PM		Percy has seen this message but not replied

Replies to this message:
	Message 51 by RAZD, posted 05-02-2012 7:07 AM		Minnemooseus has seen this message but not replied

Minnemooseus

Member

Posts: 3945

From: Duluth, Minnesota, U.S. (West end of Lake Superior)

Joined: 11-11-2001

Member Rating: 10.0

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Message 45 of 330 (661079)
05-01-2012 9:23 PM

Reply to: Message 12 by Percy
05-01-2012 10:17 AM

$1,000,000 down the crapper

A millionaire driving by the artist's gallery is having an argument with his wife, who is belaboring him about his foolishness with money. He declares that it's his money and he will do what he wants with it. He see's the gallery and declares to his wife that he's going to walk into the gallery and pay a million dollars for the worst painting he can find.

You argued that the "paid a million dollars for it painting" was worth a million dollars to the buyer.

As I see it, showing his wife that he could be stupid with his money was what he found to be worth the million dollars. Not the painting itself.

He could have just as well flushed 1000 x $1000 bills down the toilet. You would then argue that having a clogged sewer is worth a million dollars?

The bottom line seems to be that the man has so much money, that a million dollars isn't of significant worth to him.

Moose

This message is a reply to:
	Message 12 by Percy, posted 05-01-2012 10:17 AM		Percy has seen this message but not replied

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