What Is The Point of Money?

(This article was reprinted in the online magazine of the Institute for Ethics & Emerging Technologies, May 1 2017.)

Wealth is necessary in order to live well, but it is not sufficient. You may have lots of money but live terribly if you have no friends or wisdom. You may have mistaken part of a good life—sufficient wealth to live—with the whole of the good life. For money isn’t an end in itself, it is merely a means to an end.

But let’s suppose that you realize all this. Let’s suppose further that you aren’t materialistic and you want to do good things for the world. Now imagine that you’ve been offered a well-paid position with a good company. We’ll assume your job doesn’t entail you doing anything immoral in the usual sense of the term. (We won’t consider participating in the world’s economic system to be intrinsically immoral.) Let’s further assume that the job isn’t your dream job, so you won’t be “doing what you love.”1 Finally, let’s suppose you are the kind of person who worries that money might corrupt you, or that the job isn’t exactly what you want. What should you do?

My advice would be to take the job. Obviously the job and its benefits—medical and dental insurance, retirement, etc.—help you to live well. But even more importantly for the idealistic, having some modicum of wealth allows you to help others. So while many people aren’t wise and think money is just a means to buy trinkets, the wise realize wealth can also buy freedom and the ability to do good. Money is power that can be used to benefit people—as Bill Gates and Warren Buffet do—or it can hurt people—as Donald Trump and the Koch brothers do.

So when offered a modicum of wealth you are essentially being offered a key that unlocks a door that gives you the chance to effect on the world, to having some power. That power can be used for buying frivolous possessions or for hurting others, but it can also be used for good. And with more power comes the ability to do more good. On the other hand, if you have nothing, you have nothing to give.

Of course this doesn’t mean that the only kind of power is financial. There’s moral and intellectual power too. But the way our world is set up, sometimes that’s just not enough. So I say be adventurous and accept a key if offered it. Go thru the door and you may find more keys that open more doors and perhaps, in some distant time, you will help unlock doors for others.

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  1. I have written previously about whether you should only do what you love.

2 thoughts on “What Is The Point of Money?

  1. Here’s a weird way of thinking about money: it ties us all together. Money is the means by which we join all our efforts together. It is a glue for society. It is the Invisible Hand. Those who single-mindedly pursue it do not realize that it is directing them. Thoreau wrote something like “A man spends his whole life getting a house, and when at last he gets it, he realizes that it is the house that has got him.”

    It is illuminating to step a few steps back and see money not in terms of my own relationship with it, but in terms of its relationship with society.

    I don’t know, I’m shooting from the hip here…

  2. I’m not an expert in the history of money, commerces, barter, etc. It is a strange thing, the power it has over us. But then given our system it is necessary to have some of it or you can’t live. Wish I had more time to explore.

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