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Price vs. Value Theory

 
The following Gang8 exchange of today's date may be of interest.
 
Gunnar
 
********
 
Geoffrey Gardiner:
 
The value of dollars and the value of gold are both concepts of the human mind. They have no reality in nature.
 
Gunnar:
 
Economic Scholars will respond to - "refute" in their vocabulary - your point as follows:
 
People would not hoard Dollars/Gold at Fort Knox UNLESS it gave them PSYCHOLOGICAL satisfaction to do so.
 
As Economic Scholars, we have no business belittling the psychological quirks that make people do what they do.
 
By their own lights, such Economic Scholars are not being dumb - their viewpoint is an integral part of the Price-Theoretic approach developed by mathematical economists in the last third of the nineteenth century as substitute for that of Classical Value Theory.
 
 
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