Magazine February 5, 2018, Issue

Letters

(Baz Ratner/Reuters)

For What It’s Worth

President Trump’s comment on the pricing of the United States Post Office (discussed in the Week, January 22) is based on a common misconception of what constitutes the value of a product or service. As Carl Menger explained almost 150 years ago, the production process is simply a means to an end: the satisfaction of consumer needs. Therefore, the value of the end product bears no relation to the cost of producing it but instead is determined by consumers’ value judgment, which determines how much consumers are prepared to pay for it. This, in turn, determines the

NR Editors includes members of the editorial staff of the National Review magazine and website.

In This Issue

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Letters

Letters

For What It’s Worth President Trump’s comment on the pricing of the United States Post Office (discussed in the Week, January 22) is based on a common misconception of what constitutes ...
The Week

The Week

‐ We thought Cory Booker might be after the Democratic nomination in 2020, but apparently he’s campaigning for an Oscar. ‐ Michael Wolff’s Fire and Fury has enraged both Trump loyalists ...
Poetry

Poetry

DISASTER RELIEF Three cuts I’ve gotten from the box knife’s blade, and needlessly I wonder — will they heal? as we remove debris for those who stayed. My last guess in the word game ...