The truth of values
In Chris Jones' April 28 column "Recognizing true values," there are a few problems with his analysis of "value" in society. Firstly, even though I seriously doubt that Jones would regard "market forces" as independent from human action, his terminology in describing economics portrays too abstract of a notion of global markets. (Although I must be fair and say this is a major problem with many mainstream economists to begin with.) He starts out correctly by pointing out that prices are determined by "whatever someone will pay," but then he goes on to say that the "market sets the price" or that prices are "determined by supply and demand."
Secondly, Jones leaves out any analysis of global monetary markets and respective monetary policies of governments (such as the possibility of declining value of the U.S. dollar). The supply of money must play a fundamental role in analyzing prices since currency stands as a medium for exchange in markets, and its monetary value in exchange will greatly affect the cost of things.
And lastly, it is false to genuinely talk about anything concrete like aggregate "human cost" in economic situations since all costs can only be taken with respect to the subjective values of people. Though we can generally say things like "higher gas prices are bad for consumers," how consumers react to higher prices - how "bad" they see them - will depend completely on their own subjective values. Some non-suppliers might even find rising prices and, hence, less driving, as "good" because it will influence people to pollute less - albeit not necessarily for the value of clean air.
In an economic sense, there is no "true value" of things independent of how we each choose to value things in our lives. Economics is only a descriptive science that analyzes how individuals interact in society with respect to their own values. Any normative science that focuses on "true value," "fair value" or "human value" (i.e. objective value) is purely a matter of philosophy, not economics.
Christopher S. Gordon Philosophy junior
The truth of values II
You're right Chris Jones ( "Recognizing true values," April 28), let's get rid of supply and demand. Let's form a central agency that determines who eats what and what gets produced. That would eliminate the "human cost," wouldn't it? Surely a few individuals (such as yourself) are more able and qualified to make decisions than the combined knowledge of the entire world population. Just hope that they share the exact values that you are trying to force on everyone else. I don't have a problem with you promoting your values, but I do have a problem with you condemning supply and demand because most other people in the world don't share your values.
Jonathan Matthews Mechanical engineering senior
Shameful behavior
To start, I am a member of a fraternity here at the University. The acts perpetrated against the pledges of SAE are ridiculous, inexcusable and a reminder of the immense ability of humans to be utterly cruel and without compassion for their fellow man ("Fraternity leaders face hazing charges," April 28). These four members of SAE willfully and knowingly committed excruciating and embarrassing acts upon their pledges.
In any other setting outside of the college arena these acts would not be called "hazing," but instead would be relegated to the domains of torture or cruel and unusual punishment. It is insulting, not to mention embarrassing, that the University would consider an agreement with them to be "proactive." The University already has a hazing policy of which members of every fraternity are aware, and this policy is a contract among all fraternity members. Furthermore, every person has a contract with society at large; we call these laws. They broke the University hazing policy, they broke the laws of this state and there is no reason to think that one more agreement will be respected.
Also, it is further insulting that the only apparent repercussions for these four members are coming from the state. The University should expel them. Period.
Austin Dennis Radio-television-film senior
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