ABOUT KAMRAN’s Blog and GUEST BLOG

I- KAMRAN’s Blog: Dedicated to the Common Good- aiming to be a source of hope and inspiration; enabling us all to move from despair to hope; darkness to light and competition to cooperation. “Let the beauty we love be what we do.”-Rumi

II- KAMRAN MOFID’s GUEST’s BLOG: Here on The Guest Blog you’ll find commentary, analysis, insight and at times provocation from some of the world’s influential and spiritual thought leaders as they weigh in on critical questions about the state of the world, the emerging societal issues, the dominant socio-economic logic, globalisation, money, markets, sustainability, dialogue, cooperation, environment, media, spirituality, faith, culture, the youth, the purpose of business and economic life, the crucial role of leadership, and the challenges facing economic, business, management, education, and more.

“When we are dreaming alone it is only a dream. When we are dreaming together it is the beginning of reality.”Helder Camara

Angel Oak Tree, Charleston, South Carolina, USA

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NO PRICE TAG, BUT PRICELESS…

Photo:jillhewlett.com

I am an economist. I know the price of everything, and the value of nothing!!

‘Economists are often accused of believing that everything — health, happiness, life itself — can be measured in money. What we actually believe is even odder. We believe that everything can be measured in anything.’-David Friedman, ‘Hidden Order: The Economics of Everyday Life.’

Oscar Wilde once remarked – “An economist is someone who knows the price of everything and the value of nothing.” This observation may, or may not be totally true. But economists right from Adam Smith, Bentham, Marx, Jevons and Marshall, Pigou, to Joan Robinson, Chamberlin and Hicks have been engaged in explaining how prices are determined and why and when they are high or low. This, in a nutshell, is the subject matter of price theory, and I have no quarrel with that.

My concern from day one, decades ago, when I started to study economics, has always been: Should economists try to determine the price of everything, including those that are indeed priceless? More on this later.