Bank of England How Money is created

[motorbiking]

So the value is what you think its worth and the wealth is what you're willing to pay?

No. How did you conclude that?

The value is what a person is willing to pay. Wealth is the sum of all your assets based on the value.

In the mower example. It only works if the mower is sold. Otherwise it’s a valuation based on nothing, unless the person valuing it is professionally accountable for it (E.g a surveyor)

 

[Odds]

So the value is what you think its worth and the wealth is what you're willing to pay?

No. How did you conclude that?

The value is what a person is willing to pay. Wealth is the sum of all your assets based on the value.

In the mower example. It only works if the mower is sold. Otherwise it’s a valuation based on nothing, unless the person valuing it is professionally accountable for it (E.g a surveyor)

It was a question, not a conclusion.

 

[SirGalahad]

No. How did you conclude that?

The value is what a person is willing to pay. Wealth is the sum of all your assets based on the value.

In the mower example. It only works if the mower is sold. Otherwise it’s a valuation based on nothing, unless the person valuing it is professionally accountable for it (E.g a surveyor)

Price is what the person pays, value is what they derive from it. You might pay £1000 for an old stamp but derive way more in value - for example it's the final bit of your collection.

 

[fillyboy]

Price is what the person pays, value is what they derive from it. You might pay £1000 for an old stamp but derive way more in value - for example it's the final bit of your collection.

Philately will get you nowhere.

 

[Justin Passing]

....and philosophy will get gally into a bigger horlicks than he's got himself in already.

Price is what the person pays, value is what they derive from it. You might pay £1000 for an old stamp but derive way more in value - for example it's the final bit of your collection.

Tosh. Not in a monetary discussion.
A heart valve might have cost £10k and it saves your life. Then its value is £0.

 

[carmanmemoranda]

....and philosophy will get gally into a bigger horlicks than he's got himself in already.



Tosh. Not in a monetary discussion.
A heart valve might have cost £10k and it saves your life. Then its value is £0.

Wrong way round

It's become priceless

 

[Brigadier]

Value is subjective.

 

[blup]

Old fashioned definition of a cynic, knows the price of everything and the value of nothing. Semantics and contextual meaning of words are different things

Blup

 

[transam]

There was some caper doing the rounds years ago about some bloke
Who had a paper clip

And ended up with a house through constant swapping

Some thing like that any way ???

 

[blup]

They certainly helped fund a house back in 2013:

Millionaire MP Jeremy Hunt claims 5p for a paperclip as he prepares to land £21m business deal

The miserly Cabinet minister also submitted expenses requests for an 8p page marker and a 41p black folder

www.mirror.co.uk

Blup

 

[Justin Passing]

Wrong way round

It's become priceless

Nooo it's worthless. . No value at all. Try selling either! Thread title....

 

[carmanmemoranda]

Nooo it's worthless. . No value at all. Try selling either! Thread title....

Try telling that person its worthless. Try telling his family.

Value is different to price.

 

[Justin Passing]

Try telling that person its worthless. Try telling his family.

Value is different to price.

Thread title - MONEY.
You have no value to me!

No mention of Price.

 

[carmanmemoranda]

Thread title - MONEY.
You have no value to me!

No mention of Price.

If you can't or won't understand the comment that's up to you.

 

[Justin Passing]

Oh I understand it. I understand how you got it wrong! Thread title. No room for sentimentality in banks & money.