I respectfully contend that "usefulness" has absolutely nothing to do with "value." To wit, consider the paradox of value (diamond-water paradox) posited by Adam Smith.
Much like diamonds - or gold, since that topic has entered the conversation - baseball cards are not even remotely as useful as water. However, again much like diamonds, a single baseball card can command a price that exceeds thousands of gallons of water.
Solely within the framework of the American economy, I believe that the concept of diminishing marginal utility can be applied to water...and, within the hobby, collectors tend to chase cardboard "gems" or "gold" with the same mindset that others may consider when purchasing jewelry.
So, at the end of the day, what does all this mean? In my opinion, it means that diamonds, gold, and cardboard have varying levels of "usefulness," which has zero correlation to their "value."
Best Regards,
Eric
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