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Values

What are values?

Definition:  

Value: The worth of something in terms of the amount of other things in terms of some medium of exchange.
Values: plural of value.

Wider definition

  • Are values ordinal?




Bentham argued that individuals act so as to gain pleasure or happiness in whatever way they choose. No-one else can judge the quality or degree of their happiness

Value pluralism : The theory that there is no single overriding conception of the 'good life', but rather a number of competing and equally legitimate conceptions.

Things don't get their value from labour. It comes from subjective values.
2 different things will be valued differently. Things will be dynamically valued depending on changing needs and conditions.
It might be valued by the producer by the cost of labour but not to the same extent by the purchaser.



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