We’ve all heard once in our lives that money makes the world go around or the alternative that money is the root of all evil and that money does not bring you happiness. However, I think of money as a tool and sometimes a means to end. Money is a finical tool of representation and value accepted by the community around us for bartending and otherwise. If there was no consensus on what money means to humanity it would be nothing. We humans are the ones that bring value to natural resources, land, and otherwise. This outlook is like Adam Smith’s thought that money does not make you rich, the accumulation of good and services does by engaging in trade.
This theory in evident in the division of labor which can be seen today as companies do not run primarily off money but by their production which is made available through employees and the customer that invest to the companies. Adam Smith’s invisible hand elaborates on this concept as it stresses that natural harmony is cultivated through a balance of self-interest of the induvial seeking his own gain and the general well-being of society through production that will better others in the community which will buildup supply and a cycle of continual collaboration. This is what Adam Smith envisioned for economics and the moral aspect of economics. Finally, Money is overvalued and it is human labor and cooperation that keeps the economy going.
References
Carson, Clarence B, and Paul A Cleveland. Basic Economics a Natural Law Approach to Economics . 4th ed., Boundary Stone , 2018.
Hi Jeremiah,
I liked your perspective for this week's blog post and I agree with your statement. Without workers and productivity, there would be no way for an economy to to grow. I also really liked your statement that humans bring value to resources and land - without people trading and working to develop land and gain resources, money would not really mean much.
I love the fact that you ask this as a question and not making a statement.