From the board game design lab podcast from 1/29/24, originally released in 2020. With Emerson Matsuuchi

Board game deisgn math

Baseline value

Each worker gives one action, so you find the most atomic level
This is your baseline derive value formulas from this
(x toughness y cost)
then you add special abiliities in (in most cases this special ability gives you Z additional power) so we ramp up the cost by Q as a result
Use a spreadsheet to see your model of a card's value or "equivalent actions" (this card is worth 4 actions)
can check with playtesting too to validate the predictions
so the balance is in place by playtesting but the PT question is "is this a fun experience"

figuring out baseline:
look at most granular unit you can break down into
(one worker = one action, which gives 2 resources)
Compare everything else against thisf
Currency could be a baseline, or things you can do with one action

example:
one worker gives you 2 resources.
Special ability that lets you build a building for 1 less resource
You know that that's 1/2 an action of benefit
If the game is 12 rounds, that's worth 6 actions (if you build a building every round)
If you only build 7 buildings in an average game, it's worth 3.5 actions