The Value of MoneyAnderson, Benjamin M. (Benjamin McAlester)
General
The Value of Money
Anderson, Benjamin M. (Benjamin McAlester)
Money
It would be easy to elaborate the points in which morals, laws, and
economic values are alike, and to show in detail that the theory of
economic value is merely a special case of the general theory of social
value. For our present purposes, however, it is enough to have
illustrated the general doctrine, and to have set up the economic values
as true social forces. It may be noticed that the effort to
differentiate the different kinds of value is not altogether successful.
They are not in watertight compartments in social life. It is a
commonplace among students of ethics that moral values grow, in greater
or less degree, out of economic factors. Indeed, the "economic
interpretation of history" has as its central theme the doctrine that
morality, law, and ideal values in general are governed by the economic
situation. This is a one-sided view. Moral and legal values are
influenced and modified by economic forces. Legal and moral values do,
in part, derive their power from economic values. But on the other hand,
economic values likewise derive part of their power from legal and moral
values. The "social mind" is an organic whole, in which no factors exist
"pure," and in which there is constant give and take. The effort to
explain moral values by a single principle, as sympathy, legal values by
another simple principle, as fear, and economic values by a different
simple principle, as utility, is foredoomed. It has been given up by the
students of law and morals, and should be abandoned by the students of
economics.
Public-domain text, read in full here on John Shaqi.
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