By John Meadowcroft (auth.)
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84) Prices and Needs 39 The information that prices communicate is simultaneously extremely complex and extremely simple. In terms of complexity, prices communicate information that is beyond the comprehension of any single mind: prices reflect the subjective perceptions, and personal and tacit knowledge held by the myriad of different individuals dispersed throughout the economy. In terms of the simplicity of that information, prices ostensibly communicate only a series of relative numerical valuations: prices provide information of the value of different goods and services, but they do not inform us why a particular good or service is valued more highly than another.
Market prices, it is alleged, do not discriminate between ‘urgent needs and intense desires’; if money is available to support a particular want or desire, then the market will satisfy that demand irrespective of how deeply or urgently the need is felt (Anderson 1990). It is contended that, contrary to the claims made in Chapter 2, market prices do not reflect the relative urgency of the needs for different goods and services. Rather it is said that prices reflect economic inequalities and, in particular, the ability of the wealthy to use their purchasing power to satisfy their demand for the consumption of luxury goods and services.
Hence, it cannot be said definitively that a deliberative process of allocating values to different goods and services would arrive at a different set of ‘prices’ to those allocated by the market. 44 The Ethics of the Market There is no one objective or true value for any good or service against which to compare the prices generated in the marketplace. On the contrary, the value of every good and service can only be determined by consumer demand (and produces willingness to meet that demand) which will be driven by each individual’s subjectively defined needs and preferences.
