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It remains true however that when wealth is regarded in this way considerable transvaluation of economic values is brought about. An objective standard is substituted for the standard that is set up by the inter- action of individual desires and aversions. Much that is regarded as wealth from the latter point of view becomes what Ruskin calls illth or at least has its value greatly reduced and several things to which many people arc averse come to be regarded as possessing positive value. Alcohol for instance may have its value reduced and some forms of labour instead of being treated simply as cost may have to be treated as positively valuable. The essential point is that the standard of valuation becomes the conception of definite objective end instead of being based merely on subjective preference. prev next |