The Dismal Science

On Monday I attended the first part of a course on economics. The course was offered free to people in the organisation I work for and, knowing little about the subject I decided to attend.

One of the arguments advanced by the lecturer was that the value of things lessens the more of them we possess. So, for example many of us find it useful to own several pairs of shoes as it is helpful to be able to alternate them. However the more shoes we own the less value they possess as we can not possibly wear 20 pairs (or more) on a regular basis (no jokes please about ladies who have wardrobes full of shoes)!

It struck me that the argument holds good for shoes and many other consumables, however I do not feel that it holds water as regards books. For the lover of literature the more books one owns the greater the joy as one has more works in which to lose oneself. Merely possessing a small number of books would drive the average book lover to distraction.

When I raised this point with the lecturer his response was that one can only read so many books. Indeed one can but I still can’t help thinking that economics, while it undoubtedly has it’s uses falls down when applied to matters pertaining to culture. Not everything is susceptible of economic analysis thank the lord!