Subjective Theory of Value
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High Quality Content by WIKIPEDIA articles! The subjective theory of value (or theory of subjective value) is an economic theory of value that holds that to possess value an object must be both useful and scarce, with the extent of that value dependent upon the ability of an object to satisfy the wants of any given individual. "Value" here is distinct from exchange value or price. The theory recognizes that one thing may be more useful in satisfying the wants of one person than another, or of no use to one person and of use to another. The theory contrasts with intrinsic theories of value that...
High Quality Content by WIKIPEDIA articles! The subjective theory of value (or theory of subjective value) is an economic theory of value that holds that to possess value an object must be both useful and scarce, with the extent of that value dependent upon the ability of an object to satisfy the wants of any given individual. "Value" here is distinct from exchange value or price. The theory recognizes that one thing may be more useful in satisfying the wants of one person than another, or of no use to one person and of use to another. The theory contrasts with intrinsic theories of value that hold that there is an objectively correct value of an object that can be determined irrespective of individual value judgements, such as by analyzing the amount of labor incurred in producing the object (see labor theory of value).
