‘The Gold Standard’ is a popular term that is used to describe the best quality and ideal that you can hold yourself to. The term of ‘gold standard’ has often been used to refer to the finance, medical, and other industries where people are trying to get the best outcome and live up to high expectations. The gold standard can also be a benchmark that can be set for yourself or a company that is trying to reach a goal that would be difficult to achieve but is still within the realm of possibility. Often times, when it comes to the gold standard, you’re going to be comparing two different options together and seeing which one falls within a closer range of that needed benchmark. According to Google, the official definition of a gold standard is when something or someone is “the best, the most reliable, or most prestigious kind of thing of its’ type.”
The correlation between something being golden and something being the best has been linked as being one in the same for a couple of decades now. It is often considered to be an analogy to the literal definition of a ‘gold standard’, which is when the value of a currency is defined in terms of its’ overall worth in gold. In this case, there are many different standards with gold being one of them when it comes to the finance world, especially when currencies are being compared to gold in terms of overall value. Since gold was seen as a reliable resource to base value off of, it was held to an increasingly high standard, which other currencies were able to base their own value on and see how much gold they could own on the world market. The gold standard can be defined when it comes to both economics but also in terms of behavior as a scientific factor.
As for the first modern usage of the gold standard, it is believed to have occurred originally in a written paper from 1979, explaining the scientific usage of the word. The paper was titled, “In search of the gold standard for compliance measurement.” In this same academic paper, the gold standard is linked directly to the ideal standard of being compliant. The excerpt from this article states that, “While other methodological problems are involved, these four highlight the absence of a real gold standard for compliance, the ideal standard would be…”
While the gold standard is often held as the ideal for currency exchanges, for medical advances, and for statistical accuracy, it can also be referencing a person’s behavior or conduct especially when it comes to business or personal matters. While the gold standard phrase may have been invented with finances or medicine in mind, the expression has become mainstream over the past couple of decades and is now used quite regularly when it comes to people’s achievements.
For example, if you are an Olympic athlete whose competing in a number of events, you are also being held to a ‘gold standard’ as you compete for a gold, silver, or bronze medal. The gold standard here is definitely the ideal standard that is held not just for athletes that are competing in the Olympics for all major sports.
In order to be the best, you need to hold yourself to your highest standards and work you’re hardest to win the gold medal. In our society, even before the phrasing of ‘gold standard’, striving for gold was seen as an endearing quality and that it often symbolically represents the best that you can achieve as an athlete who is competing in a tournament or championship. It seems to be no coincidence either that most of the trophies that you receive for coming in first place or for winning a competition are made out of gold, whether it is real or fake. The gold standard in sports is a concept that has been around for many decades and doesn’t seem to be going away anytime soon. Winning gold medals or trophies in competitions is strongly linked to being the best of the best, making it a significant part of the idea of the gold standard.
Beyond signifying personal achievements and athletic success, the idea of holding yourself personally to a gold standard of behavior is quite common in our society. When it comes to having the ideal behavior, you’re going to want to hold yourself accountable for your actions, and you need to have such qualities as being honest, fair, responsible, organized, and hard working.
Many businesses and companies, when they decide whether or not they are going to hire someone as their new employee evaluate if you hold yourself to a high standard of behavior or ethics. They do not want someone who is going to lie, cheat, and steal to make the company and your colleagues look bad. The idea of holding yourself to a gold standard is quite popular in many of today’s companies. Many contracts and work agreements come with behavioral clauses that lay out the do’s and don’ts of what they require of you as an employee when they decide to hire out. If you do not hold yourself to a ‘gold standard’ of behavior at work, you may be out of a job much quicker than you had imagined.
Outside of your work life, setting the gold standard of behavior in your home life is a good habit to practice. As an individual, you need to set the standard for your friends and your family as to how to act and behave as a member of a society. You need to show them that being kind, honest, hard-working, organized, and reliable are good qualities to have both at home and at work and that these are personal characteristics that should be emulated, and spread around as much as possible.
If your children or other family members see you behaving well at the grocery store by saying ‘please’ and ‘thank you’ to the workers as well as when you leave a nice tip for the waiter or waitress at a restaurant, you are setting the gold standard for them by acting as a good example of how to behave and act as a regular person. Sometimes, you have to set your own gold standard and to have it be a high one in order for other people to follow similarly. If you are able to follow your own rules and ways of conduct, you will make yourself more of a leader and a person who is to be respected by others.
By having a gold standard whether it is in the field of athletics, statistics, science, economics, finance, etc., there are a lot of benefits to holding yourself or holding others to a very high level of standards. If everyone in society just did the bare minimum, then not much would change or advance. By being responsible, using sound judgment, working hard, and striving to be the best we can be, we become better people and we develop a strong code of conduct. You don’t need to have a gold standard in order to be a good person or a good worker but it certainly helps in setting some key boundaries, rules, and ethics that should be followed in order to get the most out of yourself and out of others.
Those who strive to be the best are rewarded with reaping the benefits of the gold standard in many different fields. If you’re able to hold yourself physically, mentally, and emotionally to different ideals, you’ll reach the high standard that is set for yourself. The gold standard is not for everyone because not everyone can reach that highest level of human conduct and action. However, the purpose of the gold standard is for people who have the means and the drive to be the best can do just that if they set their minds and bodies to that illustrious goal.
To put it simply, if there were no gold standard or no standards at all to hold yourself or others to, society would not be as civilized and humans would not have as advanced as much as we have to the present day. While the gold standard is for the best of the best, there are other standards that we accept and implement whether it is an employees’ code of conduct from any regular company or the Constitution of the United States. Regulations, rules, and codes of conduct can be difficult to follow and observe at all times but they are necessary in order to keep society functioning well.
Those people who disregard these norms of behavior are often castigated and are excluded from being the best of the best. If you lie, cheat, or steal, you won’t meet any normal standard let alone the gold standard. The gold standard is aiming for all of us to achieve the best of human nature and to do so in different fields of work and in life. While we may not successfully get to the gold standard in finance, medicine or in athletics, we always have the chance to reach the gold standard in our personal behavior and conduct.