Things (products, services) do not have value in and of themselves. Their value derives from what we as individuals place on them. Because each of us is unique, we subjectively value the same product or service differently. This difference in how we value things is a major factor creating the basis for trade.
We also differ in the kind and degree of an array of numerous different talents, as well as in our varying preferences for different kinds of work. This allows for comparative advantage and the possibility for specialization, which can lead to increased productivity and greater prosperity.
When this diversity of knowledge, opinion, subjective value, experience, and perspective (and many other differences) is placed into a system of private property, freedom, and rule of law, human nature (self-interest) can be expressed in a principled and peaceful way: a market process.
The resulting ever-changing pattern of relative prices, profits and losses becomes a North Star for entrepreneurs, guiding their continual search for new and better ways to anticipate and profitably satisfy customers. The overall result is a more prosperous and peaceful society.
It's easy to forget that this process, so vital to the survival of our civilization, rests on diversity.
From the simple to the complex, the obvious to the subtle, differences should be celebrated. We should all appreciate the value of diversity.
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