sc94597 on 23 April 2015
| rutea7 said: Note: Also Value can be objective if you only take into account manufacturing and distribuition costs. That said I have no idea which one costs more between XOne and Wii U. |
The cost theory of value is an outdated and less useful way to think of value. It was replaced with the marginal theory of value/subjective theory of value in the 1870's during the marginal revolution. All mainstream economics utilized the marginal theory to explain value over the cost theory. An example of a situation in which the cost theory of value does not explain: "both paintings cost the same to produce and require the same amount of labor, but one has a higher market price than the other."
http://en.wikipedia.org/wiki/Cost-of-production_theory_of_value
vs.
http://en.wikipedia.org/wiki/Marginalism
