Tim Wu argues that neoclassical economics assumes price is a method of discovering value, so if someone pays $70,000 for a pharmaceutical, that means they value it at $70,000 even if it seems extractive, but this ignores power dynamics and necessity rather than preference.
factualpending
Speaker
Ezra KleinEvidence Quote
“a lot of economists would say price is a method of discovering if you have a pharmaceutical, people are willing to pay $70,000 for it, that means they value it at $70,000”
Created: 8/12/2026, 6:46:41 PM
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