Code, in active state, carries its value in its dependencies, or who else is currently using it. If I publish code and nobody uses it, it’s worth less than other code I’ve written that’s embedded in software used by millions. I may derive personal value from the other code I wrote, but its value to others is negligible. In this way, software is comparable to public infrastructure, and similar valuation methodologies apply. Like code, infrastructure derives its value from its active dependencies, irrespective of the cost of its construction or maintenance.
