Harmonies of Political Economy: Translated from the Third French Edition, with a Notice of the Life and Writings of the AuthorBastiat, Frédéric
Philosophy
Harmonies of Political Economy: Translated from the Third French Edition, with a Notice of the Life and Writings of the Author
Bastiat, Frédéric
Economics
Do these sacrifices invalidate our definition of value? Not at
all. Each is free to render his services only on such terms as are
agreeable to himself. If these conditions are made easy, or if
none are stipulated for, what is the consequence? The ‹service›,
preserving its utility, loses its value. The old priest is persuaded
that his services will find their reward in another world, and he
cares not for their being recompensed here below. He feels, no doubt,
that he is rendering a service to his auditors in addressing them,
but he also feels that they do him a service in listening to him.
Hence it follows that the transaction is based upon advantage to
one of the contracting parties, with the full consent of the other.
That is all. In general, exchanges are determined and estimated by
reference to self-interest; but, thank God, that is not always the
case: they are sometimes based on the principle of sympathy, and
in that case we either transfer to another a satisfaction which
we might have reserved for ourselves, or we make an effort for
him which we might have devoted to our own profit and advantage.
Generosity, devotion, self-sacrifice, are impulses of our nature,
which, like many other circumstances, influence the actual ‹value› of
a particular service, but they make no change on the general law of
‹values›.
In contrast to this consoling example, I might adduce another of
a very opposite character. In order that a service should possess
value, in the economical sense of the word, it is not at all
indispensable that it should be a real, conscientious, and useful
service; it is sufficient that it is accepted, and paid for by
another service. The world is full of people who palm upon the public
services of a quality more than doubtful, and make the public pay for
them. All depends on the ‹judgment› which we form in each case; and
this is the reason why morals will be always the best auxiliary of
Political Economy.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account