Since air is an essential element for survival, its value is infinitely high; however, because it can be obtained anywhere, its price is effectively zero. Nevertheless, pure 100% oxygen is rare and can have a price. The distinction between value and price is important, but many people don’t understand how they differ. Exclusivity of supply is necessary to assign a price to something’s value. Exclusivity means only you can supply it, and people can only buy from you. Time also makes exclusivity. That is the message that you cannot buy it without now. Universality creates value, and scarcity creates price, thereby placing a value on that value. But these two contradict each other. Wealth is always built on contradictions. That’s why business and investment can be so challenging. - Joseph’s “just my thoughts”
I previously presented the stone currency "Fei" used on the island of Yap in Micronesia, the western Pacific island nation. The "Fei" currency was a round circle, sometimes over 3 meters in diameter and weighing 3.5 tons. The island of Yap had no roads. People went in and out barefoot. Several people carried this money by placing wooden sticks in the center hole of the circle. The island used to belong to Germany when Germany bought the Caroline Islands from Spain. The German government ordered the village chief to repair the path. But the village chief refused the order. A fine had to be imposed, and the heavy stone money could not be confiscated. After much agonizing, the German government marked the stone money with a cross in black paint. In other words, they confiscated the property. Surprisingly, the village head repaired the path and the German government removed the cross. The seizure was lifted. Economic value is personalized through ownership. The key to o...