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The value (monetary) of knowledge



My mother subscribed to The Readers Digest for many years and although I have never followed suit, I avidly read any issue, no matter how old, in whichever doctors waiting room I happen upon a copy.

One story I still recount, at least 75 years after I first read it, is of the doctor who was asked to justify his $120 bill for an operation that took 15 minutes. He replied that time taken was charged at $20 and that “knowing where to cut” at $100.


“Expensive” and “cheap” in our modern society are words which are regularly used, but they really are remarkably subjective ones.


Another significantly subjective word is “wealthy” but although not universally used simply to describe the amount of money you have to spend or even the value of your house (with or without the mortgage), I think we should restrict its use to money and/or possessions that can be readily converted to money.

I think “wealth for toil” in our national anthem implies really hard work (you know about all those “hardworking” Australians that politicians discuss ad nauseam) but I think it’s relatively easy to become wealthy with little or no toil.


Try investing.