Value & Price are often conflated, in particular in capitalist market economies. David Cameron tried to put a price tag on trees as a way to value the climate.

This causes problems. Especially when:

• There isn’t an easy way to charge for something
• The group needing the value can’t pay

It causes problems because the capitalist engine doesn’t value what it can’t price, causing long-term damage for quarterly revenues.

No easy way to charge

There’s no easy way to charge for clean oxygen. It’s not got a price, but its value is tremendous.

Putting a price on the damage done by pollution is equally difficult. There are taxes which don’t cover the cost of repair.

Side-effect damage to things we don’t value are called externalities: they are external to the price.

Things which can’t be charged, aren’t valued.

No way to pay

Caring for the elderly, or the disabled, is wholly valuable to individuals and society. Often these people are unable to work, meaning that they can’t pay for valuable services.

The valuable service should not be contingent on an ability to pay. But price & value are conflated.

Applications of this idea

• Coming AI: Valuing Humans in a world where they have no economic value