The textbook belief that price equals value is wrong and dangerous because willingness to pay reflects income and wealth rather than actual need, so markets overproduce luxuries for the rich (a billionaire's third yacht) while underproviding basics for the poor (clean drinking water), and ignore unpriced foundations of life like a forest that prevents flooding.

causalpending

Speaker

Nate Hagens

Evidence Quote

according to the market, the yacht has massively more utility to the world and to our economic system than the clean water. Does this make sense to you?

Source

The 10 Core Myths Still Taught in Business Schools | Frankly 99Nate Hagens
Created: 6/18/2026, 2:17:46 PM

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