Tuesday May 15, 2012

On Market Value

Wendell Berry on technology:

In this age so abstracted and bewildered by technological magnifications of power, people who stray beyond the limits of their mental competence typically find no guide except for the supposed authority of market price. “The market” thus assumes the standing of ultimate reality. But market value is an illusion, as is proven by its frequent changes; it is determined solely by the buyer’s ability and willingness to pay.

The whole lecture was great; good food for thought, and very different than the tone of stuff you’ll see referenced in the echo chambers of reddit, Hacker News, or Tech Crunch.