Theory of Subjective Value

A theory is a map somebody drew after walking the terrain. Theory of Subjective Value is a useful map, provided you remember it is not the terrain.

The theory's gift is vocabulary. Once you have the word, you can see the thing — in your office, in your family, in the news. Before the word, it was only a vague discomfort after dinner.

What this concept offers is a pause — one extra beat between what happens and what you do about it. Civilisation, someone said, is measured in that beat.

In every examination hall there are two kinds of silence: the silence of those who prepared, and the silence of those who are preparing excuses. The room can hear the difference.

Learning is the one wealth that survives every partition of fortune. You will meet this idea again this week, wearing different clothes. Now you will recognise it.