I have debate this with myslef,a part of me says air is not scarce yet they it has value.
But then when i debate myself i say it has no value in terms of ‘prices’ but it does have value to us. A strange concept to me.
One of the reasons i like Austrian methodolody is that you incorporate many ways of thinking an you can debate issues like this with praxeology, philosophy
Keynes has a 2-D approach to everything, if you read a textbook of his theories, it’s feels so dovirced from the world
Air is scarce indeed but it’s usually so abundant and easily accessible that we don’t need a rationing mechanism for now.
However, if say you go snorkeling, how much would you pay for O2? How much value would it be to you if you couldn’t stay underwater for long without it?
Or if you remember that silly movie Total Recall about the people on Mars - breathable air is scarce their so people have to pay something extra to the provider.
Also in Spaceballs they were running out of air! Lots of great teching points in Mel Brooks movies!