Value
It is easy to jump to conclusions and assume that the bread is valued more than the ingredients because additional resources were used to make it. This is false. It is the other way around: we choose to invest the resources—ingredients, manpower, time—because we expect the bread to give us greater satisfaction. It is the expected value of the bread that makes the investment worth pursuing. If it were the case that something is worth more because we use more resources to produce it, then we are not actually economizing. We economize because using more resources than necessary is wasteful.
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This is one of those books that everyone ought to read in order to better understand how the world works and the how society and economy are the same thing.
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Expected value
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