"But what was always true in the past, and will remain so in the future, is that the output of a free market economy and the notion of wealth creation will reflect the value preferences of people. Indeed, the very concept of wealth has no meaning other than as a reflection of human value preferences. There is no intrinsic value in wheat, a machine, or a software program. It is only as these products satisfy human needs currently, or are perceived to be able do so in the future, that they are valued."
Again, Greenspan says:
"There is no intrinsic value in wheat, a machine, or a software program. It is only as these products satisfy human needs ... that they are valued."
Wheat, machinery, software, gold, and irredeemable paper money. No intrinsic value. Value is in the eye of the beholder.
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