No Harm: Ethical Principles for a Free Market

By T. Patrick Burke | Go to book overview

4
Economic Value

Every purchase and sale hinges on the value or worth of the goods or services in question. Before we buy a loaf of bread for $1 or a house for $100,000, we want to be sure that it is worth the price, that it has the necessary value. But what sort of value is this, what exactly does it consist in? Value is not all of one kind. There are numerous different kinds of value. For example, there is aesthetic value, which is the special value we attribute to things of beauty, such as the music of Mozart or the poetry of Shelley. There is utility or use value, which is the kind of value we attach to things that we can use as means to some end we want to achieve: a screwdriver might have little use value to someone engaged in writing poetry, but quite a lot to someone building a house. There is emotional or sentimental value, which is the value we attach to particular objects associated with loved ones, or with special memories. The house that I grew up in will usually mean a lot more to me than to others for whom it is just another house; a house that I have built with my own hands will mean more to me emotionally than one I buy ready-made. There is moral value, which is the special value we see in virtue, like courage, or honesty, or generosity. There are values of personal preference, or personal taste: some people like chocolate-chip ice cream, others don't. And then there is economic value.

Economic value is simply exchange value. The exchange value of any item is what someone is prepared to give in exchange for it. The exchange value of a house, for example, is the highest price that some actual person is willing and ready to pay for it. That is, the economic value of the house is just whatever price the buyer and seller agree on. If someone is pre-

-109-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
No Harm: Ethical Principles for a Free Market
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Acknowledgements ix
  • Introduction 1
  • 1 - The Liberal Society 15
  • 2 - The Principle of Mutual Benefit 39
  • 3 - Is the Market Imperfect? 75
  • 4 - Economic Value 109
  • 5 - Causing Harm 121
  • 6 - The Individual and the Community 151
  • 7 - Justice and the Principle of No Harm 177
  • 8 - The Principle of No Harm II 207
  • 9 - The Principle of No Harm III 227
  • Notes 251
  • Bibliography 273
  • Index 283
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 296

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

    Already a member? Log in now.