As a Small Business Owner, What Do You Value?
The Wealth Of Nations, by Adam Smith, first published in1776, is still considered to be the foundation of contemporary economic thought. Today you can go to any bookstore and find a copy in stock. One of my favorite Adam Smith thoughts is on the concept of value.
"The word value . . . has two different meanings . . . value in use . . . and value in exchange . . . The things which have greatest value in use have frequently little or no value in exchange . . . Those which have the greatest value in exchange have frequently little or no value in use. Nothing is more useful than water: but it will purchase, [or be exchanged], for scarce any thing. On the contrary, a diamond has scarce any value in use, but a very great quantity of other goods may frequently be had in exchange for it."
Sometimes we allow our lives to revolve around things that have "value in exchange". Things we want, but don't have to have: Money, cars, business, diamonds, _(your thing here)_ .
We often allow ourselves to take for granted things that have "value in use." Things we must have for life and well being: health, families, friends, spirit, water,_(your thing here)_ .
Having Mr. Smith's two definitions of value helps me to be able to quickly assign the appropriate value to my "things," and therefore, give it the proper priority in my life.
Knowing what a great thinker he was, I want to believe Adam Smith had somewhat more than just commerce in mind when he put his thoughts on value to paper.
Here's a question: Do the things you hold dear have "value in exchange" or "value in use"?