The theory of economic value

People want things, and they tend to act in such a way as to get the things they want, to the best of their ability.1 Sometimes our wants conflict with each other, so that we are forced to choose between different things that we want. When this happens, we normally choose the thing that we want more, over the thing that we want less. Behaving in this way is what we call “rational”; more specifically, it is “instrumentally rational.” Instrumental rationality consists in choosing the means that best achieves one’s goals, according to the information one has.
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