Both relational and positional goods are based upon an idea of joint consumption – though with opposite signs. Indeed, in both cases, individuals' consumption choices take into account not only the individuals themselves, but others, as well. Given that relational goods provide a form of...

This note reproduces an unpublished paper on "Social Values in Economic Consumption" which Knight prepared for the Social Science Research Council (SSRC) Summer Conference, on Nantucket, Massachusetts in June 1931. This paper sheds new light on Knight in two important respects. First, it...