"The Way to Wealth," by Benjamin Franklin: The tax we impose on ourselves by our pride, Pt. 1

By Jeffrey Reeves MA

EUREKONOMICS[tm]


Editor's note: Jeffrey Reeves' introduction provides an overview of this weekly blog series
    "...three times as much by our pride…”
    — Benjamin Franklin in the persona of Father Abraham
When Father Abraham talks about ‘pride’ as a treble-tax, he’s reminding America of one of humanity’s longest standing foibles: keeping up with the Jones’s.

Perhaps it’s just human. It’s been a recognized human frailty since Cain whacked Able.

Spending money that you control in an attempt to appear affluent, sophisticated, educated, informed, well-connected, etc. is nothing more than trading real money for imagined gains that are no more substantial than smoke.

Many Americans believe wrongly that investments — over which they have no control — measure wealth, and possessions that they do not own — bought with borrowed money — measure well-being.

Darn Jones’s. Literally more trouble than they’re worth.

Think about it...