When the principles of economics are applied only to things that can be valued in numbers, we miss out on their most important lessons. We tend to think of economics as "stuff having to do with money," but many exchanges of value occur without being counted in numbers at all. Every human interaction can be better understood as an economic exchange. We might think this cheapens interpersonal relations, but it actually elevates them.
Drawing an arbitrary line between what is and isn’t part of the economy limits our understanding of how rich we all are, and keeps us from properly understanding our most important relationships with friends, family, and loved ones. We don’t need paper or numbers in a relationship for there to be a great exchange of value. Even in a simple conversation, we are exchanging our time, energy, ideas, and attention. Every voluntary interaction happens because those involved think it benefits them. All voluntary interactions are economic transactions. Is marriage not a voluntary exchange of our most valuable assets of time, love, and affection?
When we arbitrarily separate what is and isn’t considered economics, we diminish the value of that which we exclude. Pretending these principles don’t apply in some situations encourages irrational behavior based on misunderstandings and inaccurate evaluations. This also creates openings for manipulation. The current system of measuring value that excludes relationships diminishes them and elevates the part of the economy prone to government manipulation. By expanding our concept of the economy, we can see the greater value in life that governments can never touch, and just how insignificant governments really are when it comes to the true sum of the human experience.
Chapter 6 Section VI From FREEDOM! by Adam Kokesh
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