Concept of Value

"One person's junk is another's treasure".  That is, value is in the eye of the beholder.  In other words, anything is only as valuable as someone is willing to pay you for it.

There are three reasons that someone is willing pay someone else:

1. The supplier has knowledge that the customer doesn't have - i.e., Knowledge Value (see post on knowledge value)
2. The supplier can add to the capacity of the customer - i.e., Capacity Value (see post on capacity value)
3. The supplier has access to or can prevent access to knowledge or capacity - i.e., Political Value (see post on political value)

I will post examples of each in the future.