In a quiet village in Central Java, a primary school teacher would arrive every morning an hour before class—not to prepare lessons, but to cook breakfast for some of her students. Many of the children came from families who struggled to provide even a simple meal, and she had noticed that they couldn’t concentrate in class due to hunger.Without announcing it, and without asking for recognition, she began using part of her own salary to buy rice, eggs, and vegetables. Every weekday morning, a few small bowls of warm food would be ready at the back of the classroom. The students never asked why; they just knew that someone cared enough to feed them.A fellow teacher once asked her why she did it. She simply replied, “How can a child learn anything on an empty stomach?”That small act of kindness reflected values far deeper than charity—it revealed empathy, responsibility, and a commitment to justice in the most practical sense. The teacher didn’t talk about “character education” or “social impact,” but lived those values quietly, through service.In places where resources are limited, values are often the richest thing people carry. And sometimes, the simplest gesture becomes the greatest lesson.There are few things in life more invisible yet more influential than values. We do not see them, nor do we always speak of them, yet they lie beneath every decision, every hesitation, and every act of kindness or cruelty. Values, in many ways, are the silent architects of our character. They build us, brick by brick, shaping not just who we are, but how we see the world.
Values are the fundamental beliefs or principles that guide human behaviour, shape our choices, and define what we consider important in life. They act as internal compasses, helping individuals and societies distinguish between right and wrong, good and bad, worthy and unworthy. Values can be moral, cultural, personal, or spiritual, and often develop over time through experience, upbringing, education, and cultural influence.
From a philosophical perspective, values are considered the guiding principles that inform notions of right and wrong, good and evil, and what is ultimately meaningful in life. Philosophers often see values as foundational truths—or, at the very least, as constructs that shape human purpose, ethics, and moral reasoning. Whether derived from reason, intuition, or metaphysics, values represent what one ought to strive for in order to live a good life.
From a political perspective, values are the ideological beliefs that underpin governance, policy-making, and civic identity. They define what a society holds as important: liberty, justice, equality, authority, and democracy, for example. Political values influence laws and public decisions, and they are often at the heart of ideological conflicts between left and right, conservative and progressive, nationalist and globalist visions.
From a social perspective, values are shared beliefs and expectations that guide behaviour within a community. They promote social cohesion, shape norms, and influence interpersonal relationships. Social values like honesty, respect, responsibility, and tolerance become the invisible threads that bind people together and enable cooperation, empathy, and mutual trust.
From an economic perspective, values often relate to what society deems as desirable or valuable in the marketplace—efficiency, productivity, innovation, and wealth creation. However, in recent times, economists and reformers have challenged the idea that price equals value. Instead, they argue for integrating ethical considerations—like sustainability, equity, and human well-being—into how we define economic success.
From a cultural perspective, values are expressions of collective identity, often transmitted through language, art, tradition, religion, and ritual. Cultural values give people a sense of belonging and continuity across generations. They shape how communities interpret beauty, family, time, gender roles, and authority. These values are dynamic and evolve in response to historical events, migration, globalisation, and generational change.
In Value(s): Building a Better World for All (2021, William Collins), Mark Carney—former Governor of the Bank of England—makes a compelling argument that modern society has increasingly blurred the line between “value” and “price.” According to Carney, this confusion has not only distorted the way individuals and institutions make decisions, but also contributed significantly to global inequality, environmental destruction, and financial instability.Carney explains that “price” is what we are willing to pay, while “value” reflects what we actually believe is important. Yet over time, especially in market-driven economies, what can be priced is often assumed to be what is most valuable. This mindset has led to situations where things like clean air, mental health, or community cohesion—none of which are easily priced—are undervalued or ignored. Conversely, financial products, short-term gains, or speculative assets receive disproportionate attention simply because they can be traded.He traces this confusion through history, showing how during the 2008 financial crisis, institutions placed high prices on complex financial instruments without fully understanding or valuing the human and systemic consequences of their collapse. Similarly, in climate change, because nature’s services—like forests absorbing carbon—have no fixed price, they are often treated as economically invisible, leading to exploitation and irreversible damage.Carney argues that to build a better and fairer world, we must reclaim the meaning of “value”—not just as a market metric, but as a moral and social compass. Only by reconnecting economics with ethics can we address today’s greatest challenges.Carney presents a deeply reflective and pragmatic view on the future of money. He acknowledges that money is not just a means of exchange, but also a reflection of trust, societal values, and institutional credibility. As digital transformation accelerates and trust in traditional financial systems fluctuates, Carney argues that the nature and purpose of money must evolve with our times.He critically examines the rise of cryptocurrencies such as Bitcoin, pointing out their appeal in a world marked by low trust in central banks and government institutions. However, he expresses concern over their volatility, environmental costs, and lack of intrinsic value. To Carney, cryptocurrencies like Bitcoin are less “money” in the traditional sense and more speculative assets. They fail to meet the key functions of money—namely, to serve as a stable store of value, a unit of account, and a widely accepted medium of exchange.Carney believes the future of money should move toward greater stability, inclusivity, and sustainability. He supports the idea of central bank digital currencies (CBDCs), which he sees as a way to modernise the financial system without surrendering control to private tech giants or unstable crypto markets. According to him, CBDCs—if properly designed—could enhance financial inclusion, protect monetary sovereignty, and strengthen public trust.Ultimately, Carney’s vision of money’s future is not just technological but ethical. He insists that money must serve people and the common good—not just the market. For that to happen, it must be rooted in values like fairness, accountability, and long-term responsibility.Carney discusses the tension between objective value and subjective value, especially in the context of modern economics and moral reasoning.Objective value, as Carney presents it, refers to the intrinsic worth of something, independent of opinion or market forces. These are things that are valuable in themselves, regardless of how much someone is willing to pay for them. For example, human dignity, environmental sustainability, or the well-being of future generations may be considered objective values—grounded in ethical or moral truths that go beyond price tags.On the other hand, subjective value is based on individual preferences and perceptions—what something is worth to someone at a given moment. This is the principle upon which most market economics operates. If someone is willing to pay $100 for a pair of shoes, then, in market terms, that becomes their “value.” But this kind of valuation shifts with desire, trends, scarcity, or emotion. It doesn’t necessarily reflect the deeper importance or impact of that product or service on society or the planet.Carney warns that when subjective value completely overrides objective value, societies risk prioritising profit over principle, short-term gains over long-term well-being, and consumer desire over human dignity. He argues for rebalancing the two—so that economics can serve people, rather than reduce them to numbers in a transaction.Carney defines Value-Based Leadership as a form of leadership rooted not in power, popularity, or profit, but in principles, integrity, and long-term responsibility. For Carney, the best leaders are not those who simply follow market trends or respond to short-term pressures, but those who anchor their decisions in a clear set of moral values that serve the greater good.He argues that in times of crisis—be it financial collapse, environmental threat, or public health emergency—value-based leaders demonstrate their true worth. They ask not “What is profitable?” but “What is right?” These leaders are guided by purpose, not ego, and they are willing to make difficult decisions, even unpopular ones, when those decisions protect people, preserve dignity, or promote justice.Carney gives examples from government, finance, and civil society to show how genuine leadership requires more than charisma or technical expertise. It requires moral courage—the ability to act on ethical convictions in the face of uncertainty or opposition. Value-based leaders build trust by being consistent, accountable, and transparent. They redefine success not by short-term gains, but by long-term impact.Ultimately, Carney calls for a new generation of leaders—across sectors—who will help rebuild the legitimacy of institutions by placing values above valuation, purpose above politics, and service above self.Are values chosen, or do they choose us? Perhaps they begin as whispers from our parents or teachers, planted like seeds in the soil of our childhood. A lesson in honesty here, a story about courage there. Over time, they grow with us—fed by experience, pruned by disappointment, and occasionally struck by the lightning of realisation. We begin to question them, challenge them, and—sometimes—replace them. And in doing so, we grow not only older, but wiser.
In our modern world, where speed is worshipped and attention is fleeting, values are often treated like outdated software—replaced by trends, discarded for convenience. But true values are not accessories we put on for show. They are the inner gravity that keeps us grounded when everything around us is spinning. In a society where likes and followers define worth, values remind us that integrity still matters, that empathy still heals, and that justice is more than just a hashtag.
Yet values are not always heroic. Sometimes, they manifest quietly—in the decision to listen rather than speak, to apologise first, to refuse a shortcut. These small acts may never go viral, but they are the threads that hold the fabric of a meaningful life together. I have come to realise that a life lived in alignment with one’s values, no matter how ordinary it may seem, holds a quiet kind of dignity.
What we value reveals what we love. If we value time, we honour presence. If we value truth, we dare to be uncomfortable. If we value compassion, we open our hearts even when it hurts. These choices, made in silence and often without applause, shape the world more deeply than we know.
As we reflect on the world today—with all its beauty and chaos—we are reminded that the future is not only built by innovation or policy, but by values passed from heart to heart, generation to generation. In the end, values are not just what we live by—they are what we leave behind.
Why do values matter?
[Part 2]
