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by genericresponse
976 days ago
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Paperclips and Crude Oil value, relative to another paperclip or barrel of oil, can be based on well-defined, finite, measurable standards that can be measured indeterminate of their location. That allows pricing to be indexed based on location, time, and quality relative to the standards. A house's value relative to another house is an almost infinite number of variations of measurable and immeasurable variables. One example-- Traffic noise. Maybe the amount of noise is an issue for you, maybe the time of day of noise is an issue for me, maybe noise in one room vs. another. Moreover, there are very expensive switching costs for me |
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