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Actually, it seems to me that you can put a dollar value on dance, ministry, or full-time parenting. Anyone who choses to engage in these activities rather than
by winstonewert 10y ago
Actually, it seems to me that you can put a dollar value on dance, ministry, or full-time parenting. Anyone who choses to engage in these activities rather than a more lucrative career demonstrates that they value those activities more than the career in question. On the other hand, those who choose the career over those activities demonstrate that they value the money more than those activities.
It seems to me that the problem isn't that you can't put a monetary value on these activities. The problem is that these activities have high positive externalities. Most of the benefits due to these activities accrue to society at large, and not the individual engaging in the activity. As a result, individuals will tend to undervalue the activity compared to its total societal value.