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- Lesson 04: "Robinson Crusoe"
- Explain the following scenario
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Card 23 / 25: Explain the following scenario. Rory looked at the mess that the burglars had made . . .
Answer:
People don't care simply about the market value of things, they also value items for emotional reasons. Rory could eventually replace the other items over time by buying new ones. But he won't be able to replace the lost ring, even though he would be willing to pay a lot of money to do so.
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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