mises.org / Ryan McMaken / Sept 21, 2016
According to The Daily Mail, a recent study suggests that people value ordinary objects differently depending on what they are told about the objects
According to the new research, being told that something is art automatically changes our response to it, both on a neural and a behavioural level.
In this case, researchers in Rotterdam, Netherlands told subject to rate how they valued objects in photographs. When told those objects were “art” people valued them differently.
In other words, the perceived value of objects could change wildly without any additional labor added to the objects, and without any physical changes at all.
The value, it seems, is determined by the viewer, and we’re reminded of Carl Menger’s trailblazing observations about value: