Determining Value...Again

Personal preferences are important. It is your, or my, personal preference to either work, or not work, to manufacture or not, to farm or not, to fish or not.

These preferences are often put into terms like wages, since wages are normally related to in terms of the exchange of currency for labour. And dollars are really good yard-sticks. Some preferences defy logic. Some are logically consistent. What is important is to remember that whatever a person's preferences are, they are his. You cannot mandate acceptance of preferences that you feel another should have. A man can not repudiate that which he knows is true.

Watch Does U.S. Economic Inequality Have a Good Side? on PBS. See more from PBS NewsHour.

h/t Mungowitz and Mungowitz.