Value is what people are willing to pay for it.
Under the general name of Commodity, I rank all those advantages which our senses owe to nature. This, of course, is a benefit which is temporary and mediate, not ultimate, like its service to the soul. Yet although low, it is perfect in its kind, and is the only use of nature which all men apprehend. The misery of man appears like childish petulance, when we explore the steady and prodigal provision that has been made for his support and delight on this green ball which floats him through the heavens. What angels invented these splendid ornaments, these rich conveniences, this ocean of air above, this ocean of water beneath, this firmament of earth between? this zodiac of lights, this tent of dropping clouds, this striped coat of climates, this fourfold year? Beasts, fire, water, stones, and corn serve him. The field is at once his floor, his work-yard, his play-ground, his garden, and his bed.
Ralph Waldo Emerson, Commodity,
It is sometimes said that the tragedy of an artist's life is that he cannot realise his ideal. But the true tragedy that dogs the steps of most artists is that they realise their ideal too absolutely. For, when the ideal is realised, it is robbed of its wonder and its mystery, and becomes simply a new starting-point for an ideal that is other than itself.
As the sun went down, I saw a solitary boatman disporting on the smooth lake. The falling dews seemed to strain and purify the air, and I was soothed with an infinite stillness. I got the world, as it were, by the nape of the neck, and held it under in the tide of its own events, till it was drowned, and then I let it go down stream like a dead dog. Vast hollow chambers of silence stretched away on every side, and my being expanded in proportion, and filled them. Then first could I appreciate sound, and find it musical.
...music is the perfect type of art. Music can never reveal its ultimate secret. This, also, is the explanation of the value of limitations in art. The sculptor gladly surrenders imitative colour, and the painter the actual dimensions of form, because by such renunciations they are able to avoid too definite a presentation of the Real, which would be mere imitation, and too definite a realisation of the Ideal, which would be too purely intellectual. It is through its very incompleteness that art becomes complete in beauty, and so addresses itself, not to the faculty of recognition nor to the faculty of reason, but to the aesthetic sense alone, which, while accepting both reason and recognition as stages of apprehension, subordinates them both to a pure synthetic impression of the work of art as a whole, and, taking whatever alien emotional elements the work may possess, uses their very complexity as a means by which a richer unity may be added to the ultimate impression itself.
You matter as much as the things that matter to you. And I got so backwards trying to matter to him. All this time, there were real things to care about: real, good people who care about me, and this place. It's so easy to get stuck. You just get caught in being something, being special or cool or whatever, to the point where you don't even know why you need it; you just think you do.
The history of the twentieth century - America's century! - has been pretty much a history of rising prices... inflation is itself a problem. But the legitimate and hysterical fears of inflation are - quite aside from the evil of inflation itself - likely, in their own right, to be problems. In short, I fear inflation. And I fear the fear of inflation. Avoiding inflation is not an absolute imperative, but rather is one of a number of conflicting goals that we must pursue and that we may often have to compromise. Even if the military outlook were serene - and it is not - modern democracies must expect in the future to be much of the time at, or near, the point where inflation is a concern. Our greatest economic problem will be to face that concern realistically, to weigh inflation's quantitative evil against the evils of actions taken against it, to develop methods of adjusting to the residue of inflation which attainment of the 'golden mean' might involve. The challenge is great but the prognosis is cheerful.Responding to the question: What is the most important economic problem to be faced by the United States in the next twenty years?
...a force that operates year-in and year-out, whenever we are at high employment, to push up prices. It's a price creep, not a price gallop; but the bad thing about it is that, instead of setting in only after you have reached overfull employment, the suspicion is dawning that it may be a problem that plagues us even when we haven't arrived at a satisfactory level of employment.describing cost-push inflation
Paul A. Samuelson, (interview),
Valuables. That was a hot one, Richards thought, unbuttoning his shirt. He had an empty wallet with a few pictures of Sheila and Cathy, a receipt for a shoe sole he had replaced at the local cobbler's six months ago, a keyring with no keys on it except for the doorkey, a baby sock that he did not remember putting in there, and the package of Blams he had gotten from the machine.
Various experts, here and abroad, believe that the immediate postwar inflationary climate has now been converted into an epoch of price stability. One hopes this cheerful diagnosis is correct. However, a careful survey of the behavior of prices and costs shows that our recent stability in the wholesale price index has come in a period of admittedly high unemployment and slackness in our economy. For this reason it is premature to believe that the restoration of high employment will no longer involve problems concerning the stability of prices.Economists are not yet agreed how serious this new malady of inflation really is. Many feel that new institutional programs, other than conventional fiscal and monetary policies, must be devised to meet this new challenge. But whatever the merits of the varying views on this subject, it should be made manifest that the goal of high employment and effective real growth cannot be abandoned because of the problematical fear that re-attaining prosperity in America may bring with it some difficulties; if recovery means a reopening of the cost-push problem, then we have no choice but to move closer to the day when that problem has to be successfully grappled with.
Paul A. Samuelson, from a report
I think, without question, that unemployment of more than 6 per cent is something to be concerned about. You don't push the panic button, but you don't relax and enjoy it either... I myself don't believe in a numbers game in which you give a maximum tolerable percentage, because I think, truly, it does vary with the times... I would hesitate to specify the figure today, but I will say this: it would be, in my mind, less than a 4 per cent figure - that is, for the period ahead. I would not, realistically, think we could hope for a 2 per cent figure in the near future, as certain European countries have been able to do. But I do think that if we are pretty zealous in this matter and insist upon getting low figures - say, 3.5 per cent - then our very success in accomplishing that may lead to a new epoch just beyond when we could hope to go below 3 per cent...
Paul A. Samuelson, (interview),
The general who is able to persuade his forces that there is victory, even where there seems to be defeat, is one who will inspire them to fight against apparently impossible odds. They will, indeed, never suffer defeat, but will fight on until annihilated by capture or death. The secret of success even in the more pacific engagements of life lies in this principle