Bob Murphy's Monetary Theory of Interest

Economics Economics Questions
21

That’s more a Mengerian definition than a Misesian definition of ‘good’. A good is a subjective phenomenon valued for the services it renders, so are the services that ice in the winter renders the same as the services that ice in the summer renders?

By way of illustration :

A sandwich when you are hungry renders you the service of hunger satiation, awesome!

A sandwich when you are not hungry but rather stuffed to the gills will not do you the same service at that time…

22

The goods-quality of a thing has nothing to do with its physical characteristics.

23

‘nothing to do with’ might be taking it an inch too far.

24

‘nothing to do with’ might be taking it an inch too far.

People may make evaluations based on physical properties, but they also make evaluations based on mistakes about those physical properties. So perhaps I should have said nothing intrinsically to do with it.