Friday, July 25, 2008

Monthly quote

quoted from Mark Sagoff's book (The Economy of the Earth, 2nd ed., 2008)

"as societies rise above the poverty level, goods are valued more for their social or cultural meaning than for their use; this meaning, moreover, is largely determined by their distribution" (p.76)

Distribution here means inter- and intra-generational equity. It also refers to the changees in status or identity after a redistribution of the good, like ownership of a rare product e.g. 'I'm not a plastic bag!'. So, one is altruistic and the other is self-interest, but both of them may be different from the 'utility' as economists defined. It is more likely related to the act itself, rather than the utility gains from the act. That's means that when societies pass through a certain threshold, the meanings of value change, and the old ways of interpretation fail.

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