Good vs. Bad

"Good and bad are but names very readily transferable to that or this; the only right is what is after my constitution, the only wrong what is against it." in Self Reliance written by Ralph Waldo Emerson.

In the world there are both good things and bad things. But they can all be interchangeable within themselves. "Good" is a name to classify something that is right, and "bad" is a name to classify something that is wrong, however that is not always the case. Different people in the world set different goals and limits for themselves, including their own actions. For example if a person thinks its not a big deal to rob a bank, then that is technically classified as "good" for them. Even though a common person's perception of that idea would be ultimately bad. But then again what is the common perception? So Emerson's theory is that good and bad are just names, but what is ultimately good depends on what is right to your own principles in life, and what is ultimately bad is what goes against your principles in life. So the common perception varies based on different situations good or bad from person to person and with their personal constitution. So in reality there is no such thing as a "common" perception, because people have different principles for their lives. And whether they obey or go against them dictates whether it is "good" or "bad".