find the value of..

Question

Answer 1

It's sometimes said an economist knows the cost of everything, but knows not the value of anything.

It does describe a more objective, quantitative valuation of costs, while value is more subjective. Still, the concept of consumer surplus is a valuation of the net gains to the customer.

And economists even try to calculate the value of a human life, based on life time earnings potential, to determine how much risk of death is acceptable. Otherwise human life is infinitely valuable and no risk is acceptable, which is contrary to human behavior. Lawyers and courts do the same thing as they seek damages for wrongful death, putting a money price on life.