Module 08: Humanist Issues in commercial practice

Question 1: What was new and innovative about his theory of intrinsic and
effectual value?

To me personally, intrinsic and effectual value of things means creating a market

like creating a capacity of demand and only then the potential value of something
can turn into effectual value. However, many great points came up during our
discussion such as intrinsic value is just apparent value and it can turn into effectual
value if greater goals are achieved. Ruskin brought great perspective of morality
into discussion while world around him was moving towards greater profits. Ruskin
also promoted social justice and effective distribution of wealth. An employer and
an employee both have intrinsic value in them but it can be effectual when
employer treats the employee fairly and vice versa. Most of the students bind
intrinsic value with acceptance for it to become effectual value. An example of
IPhone has been used that it could not attain effectual value if people did not know
its usage and acceptance.

Question 2: Why did he think that laissez faire was not the best model for
economics?

Most of the students seem to agree that laissez-fair was a scheme propagated by
rich capitalists and Ruskin was a compassionate contributor to the society who was
in favor of greater good rather than merely making more profit. Ruskin believed that
the core value of laissez-fair is self-interest than doing good for the society. To him,
any economic theory that promotes accumulation is wrong and pure greed. He
stressed upon the need for minimum wages and government intervention in
economic matters to protect the weaker one. Someone mentioned that economics is
more of a moral science where the importance should be given to the relationship
between an employer and an employee. Highest productivity can only be achieved
if everyone is happy. Ruskin also supported the idea that the state should support
those ventures that provide aesthetic pleasure and lasting national wealth.

Question 3: What were his ecological suggestions?

Ruskin was a great proponent of preservation of aesthetic beauty and he opposed

any economic theory that sacrifice ecology for the sake of profit. His fear was right
and exactly what we need but rather in extreme measure since a lot of damage has
already been done to ecology due to uncapped industrialization. He attached ethics
with economics and raised his voice against pollution, overcrowding and adulterated
food. He said that people should be considerate of the environment and all its
creatures. Modern day issues of global warming and Ozone layer could have been
avoided if we paid heed to Ruskins concerns.
Question 4: What might be modern day parallels of his theories, especially in the area of public
responsibility?

There are many applications in modern day applications of his theories

Minimum wages and length of hours of work per day and week.
Threat of pollution and greater concern for global warming and going green
Corporate social responsibility in companies
Business ethics that govern modern corporations
A greater stress on recyclable material
Emission control
Importance of saving endangered species and wild life