ver.1
The nonsense of illusory capital. transactions Exchanging something X that you do not value for something Y that you do value. X<Y in terms of value to me, so I’d trade myself. The value to the other party is X>Y, so the exchange takes place. A decision based on whether or not it’s crap to you is only seeing one side of the deal.
ver.2
Concept of illusory capital
. Illusory capital refers to assets or commodities that people perceive as having value when they actually have little or no value. This concept suggests that collective beliefs and expectations about a particular commodity or asset artificially inflate its value. The term “triviality” here refers to the state of being overvalued compared to the real value or utility of the asset.
subjectivity of the transaction
. In a transaction, it is a common phenomenon for one party to exchange something that he or she does not value for something that is of value to him or her. In this process, each party decides to exchange based on its own sense of value. This is where intersubjectivity comes into play, and there is a perception that what is of value to the other party may be of less value to you. The exchange takes place because each party perceives a different value in what the other party is offering.
This page is auto-translated from /nishio/錯覚資本のくだらなさ using DeepL. If you looks something interesting but the auto-translated English is not good enough to understand it, feel free to let me know at @nishio_en. I’m very happy to spread my thought to non-Japanese readers.