Another important aspect is value vs necessity ! The authorities for example are always harping on about safety yet, because it is necessary they push up the cost to a point where safety becomes unaffordable for many !

Hey ALTRAV,
I think maybe we're both right;
- but you put so much effort into convincing me I was wrong on this one that I'm not sure I really want to argue the point.

I thought about your argument, and then I thought about applying it to say a 'Big Mac' or a 'can of coke'.

What are they really worth?

Yesterday Big Mac's were $1 usually about $7.
How much does it cost to make - maybe 50 cents?

If people are willing to pay $7 for one, then obviously those people think it's worth the $7 otherwise they wouldn't buy it right?

If people are ready and willing to pay $7 does that mean it's worth $7
Or is it still only worth 50 cents?

Then there's they buyer and demand issue.
What if you were on the edge of starvation in the middle of nowhere, hadn't eaten in a week and you came upon a Macca's but the Big Mac's were $50 each?

Would you pay the $50?
Would it be worth $50?

Hey Belly
"This once silly youth bought the Socialism thing hook line and sinker"
Stop being so hard on yourself mate, I did plenty of dumb things in my youth;
And if I could go back, I'd possibly go and do dumb things all over again.

AC, love your challenge.
Let's see.
OK, the Big Mac scenario from my way of thinking is; if the Big Mac cost 50c, then I contend it must follow that it is worth 50c.
The fact that someone will pay $7.00 for it is purely free market choice and is a personal issue within each persons perception and what each feels they can afford.
If, using your example, a wealthy man is starving, he would not hesitate to pay $50 for the same Big Mac that cost 50c to make.
Having the money, he can afford to pay $50, but it does not, in any way have any bearing on the value of that same Big Mac.
If I did not have the money, I could not afford it, so naturally I would have to forgo buying it.
As for supply and demand, that also has no bearing on it's 'value'.
The value of an item does not change, it's the greed of the vendor that is the variable.
I've argued previously that, I care not for the well being of the business, because the reason for a business in the first place, is to offer a service, irrespective of whether it's goods or services.
Now for offering that goods or service you get paid.
If you charge more than others for the same/similar G and S, then there MUST be an offset which benefits the consumer.
For example one shop charges $100/hr for something.
Another charges $150/hr for the same thing.
The excuse is usually because they bought special equipment that has to be paid for by the extra charge.
The real reason is they turn over more jobs and therefore make more money, in which case the same job should cost me less because of the new equipment, not more.
The value of the G and S doesn't change, only the price.
So, the value of something is it's original cost.
The price is an arbitrary figure set/based on what industry thinks is the most they can 'screw' out of the public, not 'what someone will pay'.

http://www.smh.com.au/business/the-economy/world-s-biggest-hedge-fund-founder-believes-defining-moment-looms-20190627-p521ux.html
AC very true, in fact we become very different people as our life progresses
Think the link is worth a look
In fact my view is doom and gloom about the future
China, and America, are unlikely to patch this up, both want most of the cake
That includes military confrontation, even war
I can not see any war being conventual, if loss seems a fact Nuclear weapons will be used

Of course equipment costs must be recovered, eventually, not overnight ! Most of those costs are already covered by commercial welfare (negative gearing) so, equipment costs should not really have a major influence on the final selling price.
We're paying way too much for the impatience on profit. Some people who obviously earn too much have no qualms to fork out $7 for a $1 burger. I wonder how they'd react if they were to earn what THEY're worth ?

Indy, now your talking.
You've hit the nail on the head.
Now this is something I have been critical about for years ie; we are not getting value for money here in Australia.
The costs, whether hourly rates or fixed prices are way beyond what they should be.
We are being continually gouged.
One example, I called a garage door service man to do just that 'service one of my garage doors.
He turned up, with his son, and while he walked around talking and looking over my cars, his son proceeded to spray the overhead horizontal door assist spring with something, from the ground, 3.5m above the ground.
Now read on to A-A below.

B-B We have allowed the issue of pay and and charge to get out of hand.
Unions being the biggest culprits, having driven pays beyond where they should be.
People don't realise that by increasing wages, they are increasing their cost of living, the 'real' cost of living, not the BS one the govt uses to report on the economy.
The overarching and painful result is that not only can we not afford our own goods and services, but our exports are hit hard.
This is confirmed by the huge number of companies that have shut down and or moved overseas.
Our car manufacturing is only one but major example.

A-A The whole thing took approx 20mins, spent most of that time to and from their truck.
I was charged $220.00.
The stories I can tell, unfortunately 350 words is nowhere near enough and most people would not care because they believe, like myself, there is nothing we can do about it other than avoid these thieves and keep looking for people who are honest and genuine.
By doing so, maybe, just maybe these crooks will go broke and crawl back under the rock from whence they came.
Now go back to B-B

Sorry I had a computer moment and when it came back up it's mixed up the before and after text somehow.
Follow the A-A and B-B for it to flow/make sense.