The Definitions of Value (The Economic Definitions, #2) / The Economic Definitions (ePub)

The Definition of Value is the second volume in "The Economic Definitions" trilogy (together with "The Definition of Money" and "Ethereal Value and the Cryptofuture"), and deals definitively with all concepts of what Value is and how it arises from fundamental concepts shared between all humans.

It goes through previous definitions of value such as Labor and Scarcity, and exposes the shortcomings within. It shows that, even though each previous definition still holds value in and of itself, each previous definition was replaced by the next through a greater need for accuracy in measuring and calculating value. Within its own domain, each definition still applies and will always apply, but as technology moves ever forward, ever deeper examinations of value are needed.

The book adds my own definition of value into the mix, just as it describes the value at the basis of all other values, and how it all arises from simple human nature. It teaches methods for thinking of value in this way, using simple yet advanced logic, that'll allow a more accurate assessment of asset values through time, even before events have happened. Yet, that only applies to Intrinsic value, the value assets hold of themselves.

The book also describes Perceived value and how it comes to be. It describes what happens when expectations of value become completely decoupled from any underlying intrinsic value, and "a bubble" forms in an asset. It describes how these bubbles form and the progression of these bubbles through society, as these moments in history always show a similar pattern - arising from shared values between people. Where money is based on fundamental rules, Value is more psychological - yet it is still 100% based on fundamental reasons.

Through these fundamental reasons and concepts, I describe a new concept called Value Transference, which will turn out to be one of the major discoveries in economics in this century. The idea that value is transferred between objects if one object is destroyed and the other is generated will come to dominate finance in the coming years, and is even used in the third book in the trilogy to create the first true digital sound money system.

Though another new concept, Virtual Labor, shows that similar systems already exist today in the medium of Videogames. The book will show the limits of Intrinsic Value in the digital realm, and lays the groundwork for the knowledge in the third book, which fixes these issues. And hopefully, a lot of society's ails along the way.