Carl Menger (1840-1921)

"When I discussed the nature of value, I observed that value is nothing inherent in goods and that it is not a property of goods. But neither is value an independent thing. There is no reason why a good may not have value to one economizing individual but no value to another individual under different circumstances. The measure of value is entirely subjective in nature, and for this reason a good can have great value to one economizing individual, little value to another, and no value at all to a third, depending upon the differences in their requirements and available amounts. What one person disdains or values lightly is appreciated by another, and what one person abandons is often picked up by another."

Carl Menger (1840-1921)

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Yet today, politicians are still hellbent on determining fair wage, fair price, as though fairness is specifically numeric thus defined in holy writ. Rather, fairness is merely one consenting to employ, sell or barter, and the other consenting to work, buy or trade upon mutually agreeable terms negotiated coolly even heatedly per competing self-interests even greed; nevertheless the only absolute historically observable.