What Money Can't Buy

Actual Text:

1. Waldfogel has conducted surveys to measure how much value the inefficient practice destroys. He asks gift recipients to estimate the monetary value of the gifts they’ve received, and the amount they would have been willing to pay for them. His conclusion: “We value items we receive as gifts 20 percent less, per dollar spent, than items we buy for ourselves.”

2. “This is because friendship is about more than being useful to one another. It is also about growing in character and self-knowledge in the company of others. As Aristotle taught, friendship at its best has a formative educative purpose. To monetize all forms of giving among friends can corrupt friendship by suffusing it with utilitarian norms.”


Response:

1.“What Money Can’t Buy” shed light on both the subconscious and conscious notions of gift giving. Personally, as an artist, I have always taken extra consideration in giving gifts. I was never found of monetary gifts, toys, clothes, or most material objects. Even as a child, my favorite gifts were stuffed animals – an object that has more sentimental value than material. I get the most joy from giving handmade gifts – jewelry, cards, paintings, decorated tin boxes – anything that demonstrates my love for the person. The time someone puts into making something unique for a particular person cannot have a certain price tag. While I find this to be true, I also agree with Waldfogel’s unique perspective of gift giving is his economic study. When I receive material gifts, I generally do not value them as much as the material gifts I buy for myself with the money I earn.

2.Using Aristotle’s philosophy on friendship, “What Money Can’t Buy” explains that friendship is more than being useful to one another. I find this statement extremely accurate and valuable. While no one wants to admit that they are “using” a friend, it is usually hard to truly understand this idea. Friends that you trust and love are also useful to you in some way, but you are not friends with them solely because of that use. It really can be hard to understand why and in what context you are friends with some people. I absolutely loved the line, “to monetize all forms of giving among friends can corrupt friendship by suffusing it with utilitarian norms.” This statement is so accurate.

More blog posts in this category Common

• The Wound & the Blessing/The Economy of Communion Project Post
• The Crest- Jewel of Wisdom & Work as a Spiritual Practice Post
• "What Money Can't Buy" Blog Post
• Blog Post Ni: FTRN Booklet & Arithmetic of Passion
• Work as a Spiritual Practice (The Transformation of Work)