Intrinsic theory of value
From Wikipedia, the free encyclopedia
This article is about the philosophy of economic value. For valuation of financial assets, see Intrinsic value (finance).
 |
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 or contained in the item itself. 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 example of an intrinsic theory that was originally proposed by Adam Smith and further developed by David Ricardo and Karl Marx. Similarly the Physiocrats based their theory of value in the land.
See also[edit]
References[edit]
 |
This economic theory related article is a stub. You can help Wikipedia by expanding it. |
