Continued from Part 2
In an exchange with Witt and Richards sort of on this topic (Pearce 1, W&R 1, Pearce 2, W&R 2), Joseph Pearce accused the pair of conflating Belloc’s views with socialism—an accusation they warmly denied.
how the value [of the horse] changes while the horse remains the same. On such and such a date any neighbor would have given the owner of the horse from 20 to 25 sacks of wheat for it, or, say, 10 sheep, or 50 loads of cut wood. But suppose there comes a great mortality among horses, so that very few are left. There is an eager desire to get hold of those that survive in order that the work may be done on the farms. Then the neighbors will be willing to give the owner of the horse much more than 20 or 25 sacks of wheat for it. They may offer as much as 50 sacks, or 20 sheep, or 100 loads of wood. Yet the horse is exactly the same horse it was before. The wealth of the master has increased. His horse, as we say, is ‘worth more.’” (Economics for Helen, p 33-4)