Saturday, January 27, 2007

The Philosophy of Economics.

Economics is not only an social science, but a philosophy as well. One could see every sacrifice experienced in life, as a loss of utility (or happiness). Something like the cliche of :"you mother gave up her singing career to raise you". I am not speaking of a stoic view of eternally deferred satisfaction, but something entirely different.

If economics is used to understand the exchange of career for child rearing, (or any other such exchange), such a choice is to be celebrated. A ever higher value was placed on the traded "good". If little was traded, the assumed value of what was received would be less as well.

In the movie: "True Colors" 1991,James Spaders' character is told toward something along these lines toward the end of the show. A Federal prosecutor tells (Spader), that when justice doesn't cost anything....He (Spader) could not claim it.