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March 12, 2007
On the value of a reputation c. 1907
I have previously mentioned lawsuits filed by women because of slights to their reputation. In Nov. 2005, I mentioned a 1905 case of a woman suing for $10,000 ( $208,000 in 2005 dollars) because of a stolen kiss. In November 2006, I mentioned a 1906 suit filed for a broken engagement and damages of $25,000 ($560,000 in CPI adjusted 2005 dollars) and property of $2,000. In the March 12, 2007 NYT is another reported stolen kiss, this time in Newburg, New York: John J. Scannell...is to be sued for $15,000 by Mrs. Laura White of Central Valley, N.Y. $15,000 in 1907 would be $321,570 in 2005 dollars. All that follows is, of course, tounge-in-cheek. We now have three observations on the cost of reputation: 1905: kiss = $208,000 At least as far as kisses go, the damages incurred seem to be falling. Assuming all reputations are equal and all stolen kisses are equal, the two year reduction on the damages incurred by a kiss was approximately 51%. This "trend" would put the damages of a stolen kiss at a penny by 1950. Today? Posted by Craig Depken at 01:17 PM in Culture
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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