A great number of people make the same mistake regarding nominal values without taking the context or relative values into account.
For example, €1,800 rent for a 2-bedroom house. Is this expensive or good value or downright cheap?
Clearly, this depends on where the property is located. What would be a fair rent for the property if it was in Mullingar, Dublin 4, on a rural site between Edenderry and Clonbullogue?
Clearly, it makes no sense to say that €1,800 rent per month is expensive without knowing the relative values (rent for similar properties in the same area) and what location the property is located.
A further example concerns interest rates. Is 15% an expensive price to pay for money?
I would argue that it is not inherently expensive, and it depends on the context and relevant values.
For example, if I can get a return of 23% on that money without lifting a finger I would see 15% money as good value.
Or if the 15% money was the only type of money available to me and would prevent me from going bust due to a short term cash flow difficulty.
Making judgments based on nominal values only, without context and relative values, is senseless and meaningless.