Friday, January 12, 2018

About value................................


The contemporary land-bank projectors, who wanted to replace a gold-backed currency with one supported by the value of land, even realised that the notion of "intrinsic value" was an oxymoron, since "intrinsic" suggested an inward quality, while "value" was always external.  For instance, Nicholas Barbon argued that "things have no Value in themselves, it is opinion and fashion which brings them into use and gives them a value."

-Edward Chancellor,  Devil Take The Hindmost:  A History of Financial Speculation

Ed. Note:  Spell check keeps telling me "realised" is incorrect.  Perhaps not.

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