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Definition 10
- Liberty Fund
- Chapter
- Additional Information
98 u d e f i n i t i o n x u Worth is the moral quantity or value of merchandise or things, and of actions that are good for man in communal life, in accordance with which they are fit to be compared one with another. 1. 2. 3. What should be regarded in appraising worth? The worth of incorporeal things and actions. Common worth and eminent worth, as also about money. 1. The most natural foundation of worth in things is their ability to exhibit some use in communal life.1 Hence things which are utterly useless we are accustomed commonly to call worthless. Now the use of a certain thing is defined not merely from the circumstance that it truly helps to preserve or to make pleasurable our existence, but in addition that it contributes some pleasure or ornament, even though this be in the sole opinion of certain men.Uponsuchthingstheluxuryandthelustfulnessof menhavegenerally placed an inordinate worth. Now in comparing things with one another according to their worth, various considerations are commonly regarded. For here to such a degree does the necessity of a thing, or the nobility of its application, fail always to have chief consideration, that, by a singular provision of nature, those things which our life cannot do without are rather accorded the less worth, because nature presents a bounteous supply of them. Therefore it is rarity which is principally effective here, and this 1. The subsequent discussion of the foundation of price is largely based on Grotius, JBP, II.xii.14; cf. JNG, 5, 1, §4. worth 99 is held in an esteem none too slight when there are brought from far distant places things to which frequently the desires of men are violently drawn. For most men value chiefly those things which are to be had in common with a few; and, on the contrary, that thing is held cheap, whatever it may be, which is seen among the household goods of any and everybody. Determinately, moreover, worth is commonly recognized from usage or custom, that is, a thing is commonly estimated at as much as is very generally offered or given for it.2 This is scarcely so that it does not have some range within which more or less can be demanded, except when the law has fixed the worth of a thing at a definite point. Now in common worth the labours and expenses which merchants undergo are customarily taken into account. There may also be certain estimable accidents of a thing because of which it may be legitimately bought or sold above or below the common price, for example, because of a loss which is to follow, deferred profit, peculiar affection, or if it be bought or sold as a favour to another, when otherwise it was not to be bought or sold. These same accidents are customarily pointed out to the man with whom a bargain is being made about a thing, and can properly be imputed. That deferred or increased gain also which arises from delayed or anticipated payment of the worth can be computed. For the day of payment is a part of the price, and it means more to give something immediately than after a time; since, forsooth, in the meantime profit might have been secured therefrom. Also there is not a little in the consideration of the place where the merchandise is produced or the worth paid. For the same thing is valued differently in different places, and the value of money, or the interest, is not the same everywhere, and the rates of exchange for forwarding money are different in different places. Moreover, it very frequently happens that the worth of a thing changes, that is, goes either up or down, this change being due to the large or small supply of buyers, of money, of merchandise, or because of impending peace or war, and similar chance happenings. 2. Cf. Dig., XXXV.ii.63: “The value of property should be estimated, notbyaffection nor according to any particular advantage attaching to it, but for what it can be disposed of at an ordinary sale”; about that, JNG, 5, 1, §9. [18.191.234.62] Project MUSE (2024-04-17 06:46 GMT) 100 book i, definition x 2. Now not merely corporeal things have their own worth, but also incorporeal things and the very actions of men, in so far as they can bring to others some...