Social Value: A Study in Economic Theory, Critical and ConstructiveAnderson, Benjamin M. (Benjamin McAlester)
General
Social Value: A Study in Economic Theory, Critical and Constructive
Anderson, Benjamin M. (Benjamin McAlester)
Value
It will be noted, further, that our analysis draws no hard and fast lines
between the different sorts of value, ethical, economic, esthetic,
religious, personal, etc., in the sphere of the individual's psychology.
Such lines do not exist. There are shadings, gradations, quantitative
differences which become distinct enough to justify a classification of
values. But values never become, on the functional side, so fundamentally
different in character that there can be no reduction of them to the
"common denominator" of power in motivation. And especially is that a false
abstraction which would separate the different sorts of value, ethical,
economic, etc., into separate, water-tight systems, and let each system
have its own equilibrium and its own interactions, uninfluenced by the
other systems. The fact is, simply, that ethical and esthetic values may
constantly reinforce economic values, economic values reinforce ethical
values, or economic and ethical or other values may oppose each other, and
marginal equilibria are constantly worked out between them. Or, better,
_among_ them, for, while in the consciousness of the moment we may have
only _two_ opposing values in mind, and may have our equilibrium apparently
between just two, yet in fact the whole system of values is constantly
tending toward equilibrium, ethical, religious, economic, esthetic, all
asserting themselves, and finding their place in the scale, and getting
their "margins" fixed,--extensive margins and intensive margins. But this
is so obviously merely a generalization of well-known economic laws, that
further detail is needless. One point may be mentioned, however. _Price_ is
to be generalized in the same way as value. Since this equilibrium among
values holds, then any object of value may be used to _measure_ the value
of any other. If the presence of her chum at the fifth dinner is in
equilibrium with the presence of some hitherto excluded friend, for our
young lady, then the one is the _price_ of the other, and measures her
value. A material good which one takes in return for an immoral act is the
price of that act. And if, in a moment of fundamental ethical crisis, a man
surrenders a cherished purpose about which his whole life has been built,
to the allurement of some dazzling temptation, it is much more than a
metaphor to speak of "the price of a soul."[141]
The Austrian analysis was essentially faulty, then, not so much in its
hedonistic psychology--for it can be freed from that[142]--as in its
abstraction of the economic from other aspects of the individual's value
system. Equilibria among economic values will not explain even the
individual's economic behavior--do not by any means constitute a
self-complete system. This abstraction has been noted before.[143] The
other abstraction of the Austrians, the abstraction of the individual from
his vital, organic connection with the social whole, we shall treat more
fully later.
Public-domain text, read in full here on John Shaqi.
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