The Value of MoneyAnderson, Benjamin M. (Benjamin McAlester)
General
The Value of Money
Anderson, Benjamin M. (Benjamin McAlester)
Money
"What is called for is, not a temporal _regressus_, which, starting with
an hypothesis, picks up abstractions by the way, and tries to synthesize
them into a concrete reality of to-day, but rather, a _logical analysis_
of existing psychic forces, which shall abstract from the concrete
social situation the phases that are most significant. This method will
not give us the whole story either. Value will not be completely
explained by the phases we pick out. But then, we shall be aware of the
fact, and we shall know that the other phases are there, ready to be
picked out as they are needed for further refinement of the theory, as
new problems call for further refinement. And, indeed, we shall include
them in our theory, under a lump name, namely, the rest of the
'presuppositions' of value.
"Our reason for choosing a logical analysis of existing psychic forces
instead of a temporal _regressus_--instead, even, of an accurate
historical study of the past--is a two-fold one: first, we wish to
cooerdinate the new factors we are to emphasize with factors already
recognized, and to emerge with a value concept which shall serve the
economists in the accustomed way--it is illogical to mix a logical
analysis with a temporal _regressus_. But, more fundamental than this
logical point, is this: the forces which have historically _begot_ a
social situation are not, necessarily, the forces which _sustain_ it.
The rule doubtless is that new institutions have to win their way
against an opposition which grows simply out of the fact that we are,
through mental inertia, wedded to what is old and familiar. We resist
the new _as_ the new. Even those who are most disposed to innovate are
still conservative, with reference to propaganda that they themselves
are not concerned with. The great mass of activities of all men, even
the most progressive, are rooted in habit, and resist change. When,
however, a new value has won its way, has become familiar and
established, the very forces which once opposed it now become its surest
support. Or, waiving this unreflecting inertia of society, as things
become actualized they are seen in new relations. What, prior to
experiment, we thought might harm us, we find beneficial after it has
been tried, and so support it--or the reverse may be true. The psychic
forces maintaining and controlling a social situation, therefore, are
not necessarily the ones which historically brought it into being."[99]
Public-domain text, read in full here on John Shaqi.
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