Following my petite rumination on the nature of moral behavior I am here going to examine market behavior as moral behavior. Assuming, from my previous blog, that moral behavior is that behavior which follows the dictates of self-interest and self-aggrandizement in terms of meaning and given a market that is an expression of human social existence operating solely in material terms, the problem is set before me. How do I rationalize such disparate universes?
The primary caution to any rationalization is that, as developed by Thomas S Kuhn, incommensurate systems exist. They are incapable of being rationalized one with the other. Market behavior and moral behavior may be, in fact, incommensurate as value systems. First, what do markets do? They administer human material existence at a very high order of efficiency. They discount every social contingency into the price of their products by the simple mechanism of 'moving' material plenty, real or virtual, 'to' material scarcity. Such 'movement' creates the opportunity for arbitrage, market profits. It is simple. It is effective. They do operate to self-interest and self-aggrandizement but only in material wealth and how that wealth is measured, today generally dollars.
What is a dollar worth in meaning? It is worth whatever the society it serves makes it mean. It has absolutely no intrinsic meaning. It is a piece of paper, a chunk of marginally worthless metal, an electron pulse. There is no meaning inherent in money.
What possible equation can be written to relate such different systems of behavior? The answer is simple. Talent. Just as language mediates thought and reality so talent mediates material existence and meaning. The worth of a dollar in meaning lies in the use societal talent makes of it. As finance has talent making markets and driving innovation and infrastructure so meaning has talent creating the possibility of meaning with vision and vocabulary. It is the task of this talent, in a sort of mission statement, to make money meaningful to, after Jeremy Bentham, the greatest number of citizens of that political economy to which it belongs, however defined.
Moral behavior in the world of markets, in the world of the incomprehensible demiurge creating order out of chaos, consists of material self-interest and material self-aggrandizement and a willingness to defer to legitimate talent. Life is not just about getting rich, money in such a system is almost worthless. Life is about meaning, living in it, creating it. Money, properly directed, can do that. As we arise from the ashes of the great Age of Nihilism, roughly speaking from 1872 to the present, let us concentrate on letting talent create meaning, not destroy it.
Friday, January 8, 2016
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