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When culture can be bought and sold, taste becomes an increasingly useful social marker. It was commerce that gave 'culture' to the middle classes, but commerce could also sully it. So the Georgians set about building a national culture - from the plays of Shakespeare to the music of Handel - that only the qualified could properly enjoy. As this culture widened, paradoxically the separation of high and low ('polite' and 'vulgar') sharpened. -- John Mullan [...]
Economically speaking, the value of an object or service is the price it would bring in a fair, open market; the item's "buying power".
Intrinsic value is value which is inherent in an object: A one-ounce gold coin has intrinsic value because of the gold it contains. Even if its issuing authority (such as a government) were to fail to honor the coin's value, it would retain its intrinsic value.
Extrinsic value is value which arises because of an agreement: Although the intrinsic value of a €100 note is not much more than the value of any similar piece of paper with a pretty picture on it, it has a practical value (an extrinsic value) of €100. If its issuing authority were to fail to honor the note's value, it would soon become nearly worthless. --wikipedia, Dec 2003
AppreciationThe people vote with ratings and dollars. ... - Camille Paglia
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