Progressive societies outgrow institutions as children outgrow clothes.
Henry GeorgeRead
The value of a thing is the amount of laboring or work that its possession will save the possessor.
Interpretation
The worth of an item is measured by how much effort it can save the owner.
This quote by Henry George suggests that the true value of any object or possession lies not in its physical characteristics or aesthetic appeal, but rather in the labor and effort it saves the owner. In a practical sense, it emphasizes that efficiency and utility define value in our lives, guiding us to make choices based on the potential time and work we can save rather than superficial prestige.
In practice
During a lecture on economics, this quote can be referenced to explain concepts of value and labor.
Progressive societies outgrow institutions as children outgrow clothes.
The march of invention has clothed mankind with powers of which a century ago the boldest imagination could not have dreamt.
It is not the business of government to make men virtuous or religious, or to preserve the fool from the consequences of his own folly. Government should be repressive no further than is necessary to secure liberty by protecting the equal rights of each from aggression on the part of others, and the moment governmental prohibitions extend beyond this line they are in danger of defeating the very ends they are intended to serve.
Poorly paid labor is inefficient labor, the world over.
The protection of the masses has in all times been the pretense of tyranny - the plea of monarchy, of aristocracy, of special privilege of every kind. The slave owners justified slavery as protecting the slaves.
So long as all the increased wealth which modern progress brings goes but to build up great fortunes, to increase luxury and make sharper the contrast between the House of Have and the House of Want, progress is not real and cannot be permanent.
One way to measure the size of a company, industry, or economy is to determine its output. But a better way is to determine its added value - namely, the difference between the value of its outputs, that is, the goods and services it produces, and the costs of its inputs, such as the raw materials and energy it consumes.
There is slow growth, but it is positive slow growth. At the same time, ratios of debt-to-incomes go down. That's a beautiful deleveraging.
I know firsthand that many employers who comply with other labor standards still hire the undocumented. Many businesses pay the minimum wage and have barely tolerable working conditions because there are sufficient undocumented workers willing to accept those terms. If we care about low-income workers in this country, we need to create pressure to improve their economic condition by reducing the supply of unauthorized workers.
What someone is paid has little or no relationship to what their work is worth to society.
Significantly opening up immigration to skilled workers solves two problems. The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
The 'boom-bust' cycle is generated by monetary intervention in the market, specifically bank credit expansion to business.
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