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Sagoff believes the question of value can only be raised in the context of morality, religion, and philosophy, but not economics.
One might argue that political questions are all economic because of the fact that Americans live in a free-market society where every decision made affects the consumer. Economics is the science that studies how price signals serve to coordinate economic activity in ways that maximize prosperity. Price signals contain information, such as, the scarcity of supply relative to effective demand. If there is a demand for housing because of population growth, yet land is scarce, it becomes most beneficial to the economy to use open land to build homes bringing more people in while putting more money into the economy...
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