Intrinsic theory of value
This article needs additional citations for verification. (August 2007) (Learn how and when to remove this template message)
An intrinsic theory of value (also called theory of objective value) is any theory of value in economics which holds that the value of an object, good or service, is intrinsic, meaning that it can be estimated using objective measures. Most such theories look to the process of producing an item, and the costs involved in that process, as a measure of the item's intrinsic value.
The labour theory of value is an early example of an intrinsic theory, which was originally proposed by Adam Smith and further developed by David Ricardo and Karl Marx and later disputed by Carl Menger who offered a subjective theory of value. Similarly, the physiocrats based their theory of value in the land.
|This economic theory related article is a stub. You can help Wikipedia by expanding it.|