• Economics is all very well, but there are also non-economic values to consider.

• Non-economic values refer to the intangible aspects of life that cannot be quantified in monetary terms.

• These values are related to the social, cultural, environmental, and ethical domains of our lives.

• They are the values that shape our perceptions of the world, guide our behavior and decision-making processes, and ultimately help us define who we are as individuals and as members of society.

• One of the most fundamental non-economic values is the value of human life. Every human being has inherent worth and dignity, and this value cannot be measured in economic terms.

• Other non-economic values that are essential for a healthy and fulfilling life include freedom, justice, equality, peace, and social harmony.

• The intangible facets of life that are impossible to quantify in monetary terms are referred to as non-economic values.

• The social, cultural, environmental, and ethical spheres of our life are all impacted by these principles.

• These are the principles that help us determine who we are as people and as contributors to society by influencing how we see the world, how we act, and how we make decisions.

• Another significant component of non economic values is cultural values.

• The ideas, traditions, rituals, and practices that characterize a specific community or civilization are referred to as these values.

• Cultural values give us a sense of community and identity and are crucial in forming our worldview and how we see the world.

• Important non-economic values also include environmental values. In order for all living things to survive and be in good health, it is important to safeguard and preserve our natural environment.

• Environmental values cover a wide range of topics, such as biodiversity, climate change, pollution, and the preservation of natural resources.

• These values, which are closely related to our feeling of duty and stewardship, are crucial for the long-term survival of our world.

• Another essential component of non-economic values is the ethical code.

• These ideas and standards of conduct that direct our behaviour and relationships with others are related to these ideals.

• Honesty, integrity, justice, and empathy are examples of ethical ideals.

• Building trust, fostering social cohesiveness, and ensuring that our activities are motivated by a sense of moral obligation all depend on these principles.

• Non-economic values are crucial for societal well-being and resilience as well as for individual development and fulfilment.

• In order to foster social cohesiveness, solidarity, and cooperation, it is crucial to uphold these values, which serve as the cornerstone of a healthy social structure.

• Also, they are essential in solving some of the most urgent problems our world is currently facing, such as conflict, injustice, and climate change.

• The market as a mechanism for the allocation of scarce resources among alternative uses is one thing; what one chooses to do with the resulting wealth is another.

Saving lives

• Perhaps the strongest arguments for “non-economic values” are those involving human lives.

• Many highly costly laws, policies, or devices designed to safeguard the public from lethal hazards are defended on grounds that “if it saves just one human life” it is worth whatever it costs.

• Powerful as the moral and emotional appeal of such pronouncements may be, they cannot withstand scrutiny in a world where scarce resources have alternative use.

Markets and Greed

• Those who condemn greed may espouse “non-economic values.”

• But lofty talk about “non-economic values” too often amounts to very selfish attempts to have one’s own values subsidized by others, obviously at the expense of those other people’s values.

• The point here is not how to solve the financial problems of an industry, but to show how differently things look when considered from the standpoint of allocating scarce resources which have alternative uses.

• Financial analysts may be as sensitive to the people they are serving as others are to the very different constituencies they represent.

• Both in the private sector and in the government sector, there are always values that some people think worthy enough that other people should have to pay for them but not worthy enough that they should have to pay for them themselves to pay for them but not worthy enough that they should have to pay for them themselves.

Markets and Morality

• Whether assessing the effects of market economies or of government or other institutions, it is a challenge to make a clear distinction between results that emerge from those institutions and results caused by those institutions, because a given institution or process conveys a certain outcome does not mean that it caused that outcome.

• Morality is not a luxury but a necessity, because no society can be held together solely by force.

• Even totalitarian dictatorships promote an ideology with their particular kind of morality because not even a government apparatus with pervasive and ruthless powers of repression and terror is sufficient by itself to create or sustain a functioning society.