, Additional General Manager (Retd.), Gujarat State Fertilizers and Chemicals Ltd. (GSFC), Vadodara, Gujarat, India
Generally people and even economist use word value of gold. It is erroneous use. The status of feeling value in gold has prime six reasons and mostly the influence of gold on the human mind is due to its assured exchange value, otherwise there are few needs that might be satisfied directly by gold or its chemical compositions. The potential of status of gold is founded on the prime six reasons and it constitutes trust in assured exchange value (not value) that ultimately becomes a hope of satisfying various needs of a man. A big catastrophic collapse of social systems automatically makes gold valueless, this is proved by history also, and it is the proof of its dependency on exchange value as well as inevitability of social system. A hungry man who finds value in bread in his hand, even if he is exclusively alone on this planet earth. While a man with gold coin needs at least one more person on earth and in his association to sense so called value in the coin. That is the difference one should try to understand before using word value for gold while explaining critical topics of economics. The gold has sound foundation of history and its prestige is also evolved with evolution of human society. Not only that, but gold has ruled man with its potential of influence. However, man has faced occasions and events that convinced him about futile impression of value in gold that he carried throughout his life till date. Most tragic reality is that people are not with clarity why we sense value in gold and why the same value becomes absurd in some situation or circumstances. It is tried here to reveal some facts and realities responsible for the dilemma of the people.
Keywords: Common Human Weakness, CHW, value, exchange value.
JEL Classification: A13, A14, B21, F43, F50, I24, O12, P16, P26, P48, Z13.
Cite as: Dave H. (2017). Views on Value of Gold. Financial Markets, Institutions and Risks, 1(3), 82-91. DOI: 10.21272/fmir.1(3).82-91.2017
- Menger, С. (2007). Principles of Economics. Ludwig von Mises Institute, Auburn, Ala, USA. Retrieved from: http://austrian-library.s3-website-us-east-1.amazonaws.com/books/ Carl%20Menger/Principles%20of%20Economics.html
- Whitaker, J. (2001). Henry George, John Stuart Mill and Adam Smith. The American Journal of Economics and Sociology. pp. 11-24.
- Documentaries programme on wild life on Discovery channel. Retrieved from: http://www.bbc.co.uk/ nature/collections
- Animal Planet and National Geo Channel. Retrieved from: http://channel.nationalge ographic.com/wild/fish-bowl/
- Mackellar, J. (2013). Participant observation at events: theory, practice and potential. International Journal of Event and Festival Management. pp. 1-18.
- Biography of Winston Churchill by Trukhanovesky. Retrieved from: https://www.biography.com/ people/winston-churchill-9248164
- Thomas, Benjamin P. (1979). Abraham Lincoln. Modern Library. Retrieved from: https://www. goodreads.com/book/show/919473.Abraham_Lincoln.
- Mediaeval History of Europe by Moon and Ray. Retrieved from: https://www.britannica.com/topic/ history-of-Europe/The-Middle-Ages
- Sanders Vivienne. (2003). Race Relations in the USA since 1900 (Access to History). Retrieved from: https://books.google.com.ua/books/about/Race_Relations_in_the_USA_Since_1900.html?id=v8ZXHAAACAAJ&redir_esc=y
- Sevruk, V. (1974). How Wars End: Eye-witness Accounts of the Fall of Berlin. History, p. 27.
- Zhukov, G. (1985). Reminiscences and Reflections. Progress Publishers. pp. 1-16.
- Dickens, Ch. (1972). Scenes from the Pick Wick papers. Published by Madras Macmillan, p. 179.
- Rothschild, J. (1974). East Central Europe Between the Two World Wars. History of East Central Europe . University of Washington Press. V. 9, pp. 265
- The Travels of Marco Polo – Revised by Marsden’s Translation and Edited with an Introduction by Manuel Komroff. Printed in the United States of America Manufacturing by the Maple-Vail Book Manufacturing Group.
- Mr. Gene Weingarten. Washington Post. Retrieved from: https://www.washingtonpost. com/lifestyle/magazine/ gene-weingarten-thank-you-for-this-honor–but-what-were-you-thinking/ 2017/ 06/12/c07bb0d0-4249-11e7-9869-bac8b446820a_story.html?utm_term=.d0d33b544f2d
- Historical quotes. Retrieved from: https://en.wikipedia.org/wiki/Portal:History
- Smith Diamond, A. Water paradox. Retrieved from: https://www.britannica.com/topic/Austrian-school-of-economics#ref725579
- Benedetto, C. Historical Materialism by Karl Marx. Blackmask Online, 3 – 71.
- Weber, Max. Economy and Society. Retrieved from: https://archive.org/stream/MaxWeberEconomy AndSociety/MaxWeberEconomyAndSociety_djvu.txt
- Weber, Th. (2007). Our Friend The Enemy. pp. 1-360.
- Man Karlfried Durkheim. (1988). Hara the Vital Centre of Man, 1-109. Retrieved from: https://terebess.hu/zen/ mesterek/Hara.pdf