Post
Topic
Board Economics
Re: On "intrinsic value" and why it actually means "subjective value"
by
Mike Christ
on 21/04/2013, 03:36:41 UTC
Hypothetically, a pill that absolved the body of a certain type of cancer would have an incredible amount of value.

However, because I have a cancer-free body, as do my peers and relatives, I prescribe it no value.

Thus, the value of said pill would be subjective.  The objective value would be the cost of production.

I have no idea where people got this "intrinsic value" stuff from.  Something has value because we prescribe it value.  That is all.