May 24: A Thought From Adam Smith


Emphasis is added because Adam Smith never shouts and I like to:

The word VALUE, it is to be observed, has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. The one may be called “value in use;” the other, “value in exchange.” The things which have the greatest value in use have frequently little or no value in exchange; and on the contrary, those which have the greatest value in exchange have frequently little or no value in use.
An SUV would be a perfect example of this. It is also a good thought for Memorial Day, where we commemorate those who exchanged their lives, often for reasons that were less than strictly economic.

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