There is no place in the rules for the tinkle of the bell at a much-loved local bookshop or the pride in a high street that looks distinctive, yet people value these things.
If people did value these things then they would spend their cash so as to preserve these things. Yet when offered the choice, supermarket or high street, people do not spend their cash so as to preserve these things.
Ergo, they do not value them. At least, they do not value them sufficiently to actually do anything about it.
Revealed preferences, see?
Quite possibly one of Aditya Chakraborrty\’s leaders again: the ignorance of/glossing over basic economic theory is telling.