Don Libby wrote:
>
> Money doesn't measure values. Money is a symbolic medium of exchange.
> Exchanges occur when parties to the exchange find value in it. "Here kid,
> here's five bucks. Run upstairs and shut off the bathtub so I can finish
> this game and it's yours."
I guess we don't need a definition of what money is at the mundane
level. While the stuff has shown no great affinity for me I have
encountered it from time to time.
> Utilitarianism is one theory of value, the
> Marxist labor theory of value is another.
>
> Whether or not the exchange occurs at five bucks depends on the parties'
> perception of value, with a general tendency to act in one's
> value-maximizing self interest.
I don't doubt that the medium of exchange is exchanged in pursuit of
what the participants value. That would seem to be a tautology. I doubt
that this necessarily or actually implies that what the participants
value is best measured by the medium of exchange.
I believe that a certain Mr. Midas discovered this a long time ago. As
far as I know his demonstration has not been refuted.
mt
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