EC2#Week 7

7. How do we value and set a price?

Today it is common to judge the value of a particular product or service as being the price you can get for it; both the existence of any monopoly position that inflates the price and the presence of any ethical consideration can conveniently be ignored to suit the modern understanding of what economics is about. The ideas behind the law of supply and demand, and the warnings of Polanyi and Mazzucato are considered.