The Value of MoneyAnderson, Benjamin M. (Benjamin McAlester)
General
The Value of Money
Anderson, Benjamin M. (Benjamin McAlester)
Money
But, given these wants, and given their marginal intensities, we are
only at the beginning of our explanation of the economic values of the
consumption goods. It is again not a case of each want counting one, to
the extent of its intensity. There are again, by virtue of the legal and
moral values governing the distribution of wealth, _centres_ of power.
The wants of some men count for nothing, however intense they may be.
The pauper, the prisoner, the beggar--popular proverb about "beggars and
horses" understands them, however much the "marginal utilitarian" may
forget that their wants count for nothing.[39] The slightest whim, on
the other hand, of the man who has inherited millions may count heavily
in giving values to goods. For the explanation of the values of
consumption goods, then, we need both the socially determined marginal
utilities of individuals, and the socially determined _weight_ which
these individuals have in our economic system. This _weight_ would
involve a very elaborate explanation. Many factors affect it. We call
attention here, however, especially to the fact that it rests in large
part on the legal and moral values and institutions concerned with the
distribution of wealth. Changes in the distribution of wealth are as
important as changes in the wants themselves in giving the explanation
of changes in values. The economic social values of consumption goods
include not merely the values of those goods _to_ the individuals who
consume them, but also the values _of_ the individuals themselves in the
social scheme of things.
What of the values of instrumental goods, of goods of "higher orders,"
of labor, of stocks and bonds, of lands, of franchise rights and good
will?
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