Comment: Michael

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Michael

I don't think the term "intrinsic value" is very useful. I prefer the terms "use value" and "exchange value." "Intrinsic value" implies some kind of objective value, which makes no sense. All values are subjective.

For example, gold and silver have both use value (jewelry, electronics), and exchange value (used as money). FRNs don't have much of a use value, unless you want to use the paper to write a note or wipe you ass with it.

Hope this helps to clear up the discussion.

“The welfare of the people in particular has always been the alibi of tyrants.” — Albert Camus