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Sub Specie Æternitatis

"Prices communicate scarcity not value."

Unless you use some non-standard definition of scarcity which somehow incorporates value, that is not quite right either.

For example, I am terrible artist; that is why I rarely draw or paint and few pieces of my work exist. In fact, in any meaningful sense they are much, much rarer and scarcer than Picassos or Rembrandts.

Yet, somehow, any one Picasso or Rembrandt has a price far higher than all of my life's artistic output. Why? Obviously: Because they are much, much better and hence more valuable.

Think of scarcity as supply and value as demand. Price is determined by both. And while either factor may be dominant for certain purposes, any analysis which fails to include both is bound to fail.

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