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In economics, an intrinsic theory of value (also called theory of objective value) is any theory of value which holds that the value of an object or a 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. Paradigmatically, money is supposed to be good, but not intrinsically good: it is supposed to be good because it leads to other good things, such as buying better teaching equipments at a local primary school. [1] The explanation aims to differentiate the original meaning of intrinsic value from the actual physical benefit it has.
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. Similarly, the physiocrats based their theory of value in the land.
In analytic philosophy, anti-realism is the position that the truth of a statement rests on its demonstrability through internal logic mechanisms, such as the context principle or intuitionistic logic, in direct opposition to the realist notion that the truth of a statement rests on its correspondence to an external, independent reality. In anti-realism, this external reality is hypothetical and is not assumed.
Axiology is the philosophical study of value. It includes questions about the nature and classification of values and about what kinds of things have value. It is intimately connected with various other philosophical fields that crucially depend on the notion of value, like ethics, aesthetics or philosophy of religion. It is also closely related to value theory and meta-ethics. The term was first used by Eduard von Hartmann in 1887 and by Paul Lapie in 1902.
Ethics is the philosophical study of moral phenomena. Also called moral philosophy, it investigates normative questions about what people ought to do or which behavior is morally right. Its main branches include normative ethics, applied ethics, and metaethics.
Hedonism refers to the prioritization of pleasure in one's lifestyle, actions, or thoughts. The term can include a number of theories or practices across philosophy, art, and psychology, encompassing both sensory pleasure and more intellectual or personal pursuits, but can also be used in everyday parlance as a pejorative for the egoistic pursuit of short-term gratification at the expense of others.
The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it. The contrasting system is typically known as the subjective theory of value.
In metaphilosophy and ethics, metaethics is the study of the nature, scope, and meaning of moral judgment. It is one of the three branches of ethics generally studied by philosophers, the others being normative ethics and applied ethics.
In ethics and the social sciences, value theory involves various approaches that examine how, why, and to what degree humans value things and whether the object or subject of valuing is a person, idea, object, or anything else. Within philosophy, it is also known as ethics or axiology.
Philosophy of science is the branch of philosophy concerned with the foundations, methods, and implications of science. Amongst its central questions are the difference between science and non-science, the reliability of scientific theories, and the ultimate purpose and meaning of science as a human endeavour. Philosophy of science focuses on metaphysical, epistemic and semantic aspects of scientific practice, and overlaps with metaphysics, ontology, logic, and epistemology, for example, when it explores the relationship between science and the concept of truth. Philosophy of science is both a theoretical and empirical discipline, relying on philosophical theorising as well as meta-studies of scientific practice. Ethical issues such as bioethics and scientific misconduct are often considered ethics or science studies rather than the philosophy of science.
Value or values may refer to:
In environmental philosophy, environmental ethics is an established field of practical philosophy "which reconstructs the essential types of argumentation that can be made for protecting natural entities and the sustainable use of natural resources." The main competing paradigms are anthropocentrism, physiocentrism, and theocentrism. Environmental ethics exerts influence on a large range of disciplines including environmental law, environmental sociology, ecotheology, ecological economics, ecology and environmental geography.
Motivation is an internal state that propels individuals to engage in goal-directed behavior. It is often understood as a force that explains why people or animals initiate, continue, or terminate a certain behavior at a particular time. It is a complex phenomenon and its precise definition is disputed. It contrasts with amotivation, which is a state of apathy or listlessness. Motivation is studied in fields like psychology, neuroscience, motivation science, and philosophy.
In ethics, welfarism is a theory that well-being, what is good for someone or what makes a life worth living, is the only thing that has intrinsic value. In its most general sense, it can be defined as descriptive theory about what has value but some philosophers also understand welfarism as a moral theory, that what one should do is ultimately determined by considerations of well-being. The right action, policy or rule is the one leading to the maximal amount of well-being. In this sense, it is often seen as a type of consequentialism, and can take the form of utilitarianism.
In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency. Most forms of money are categorised as mediums of exchange, including commodity money, representative money, cryptocurrency, and most commonly fiat money. Representative and fiat money most widely exist in digital form as well as physical tokens, for example coins and notes.
The subjective theory of value (STV) is an economic theory for explaining how the value of goods and services are not only set but also how they can fluctuate over time. The contrasting system is typically known as the labor theory of value.
Objective idealism is a philosophical theory that affirms the ideal and spiritual nature of the world and conceives of the idea of which the world is made as the objective and rational form in reality rather than as subjective content of the mind or mental representation. Objective idealism thus differs both from materialism, which holds that the external world is independent of cognizing minds and that mental processes and ideas are by-products of physical events, and from subjective idealism, which conceives of reality as totally dependent on the consciousness of the subject and therefore relative to the subject itself.
In moral philosophy, instrumental and intrinsic value are the distinction between what is a means to an end and what is as an end in itself. Things are deemed to have instrumental value if they help one achieve a particular end; intrinsic values, by contrast, are understood to be desirable in and of themselves. A tool or appliance, such as a hammer or washing machine, has instrumental value because it helps one pound in a nail or clean clothes, respectively. Happiness and pleasure are typically considered to have intrinsic value insofar as asking why someone would want them makes little sense: they are desirable for their own sake irrespective of their possible instrumental value. The classic names instrumental and intrinsic were coined by sociologist Max Weber, who spent years studying good meanings people assigned to their actions and beliefs.
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.
Well-being, or wellbeing, also known as wellness, prudential value, prosperity or quality of life, is what is intrinsically valuable relative to someone. So the well-being of a person is what is ultimately good for this person, what is in the self-interest of this person. Well-being can refer to both positive and negative well-being. In its positive sense, it is sometimes contrasted with ill-being as its opposite. The term "subjective well-being" denotes how people experience and evaluate their lives, usually measured in relation to self-reported well-being obtained through questionnaires.
In philosophy, religion, and psychology, "good and evil" is a common dichotomy. In religions with Manichaean and Abrahamic influence, evil is perceived as the dualistic antagonistic opposite of good, in which good should prevail and evil should be defeated. Taoist philosophies typically perceive the world through a dualistic cosmological lens, where this dichotomy is a central concept, and often symbolized by the taijitu, commonly known as the "yin-yang".
The values that a person holds may be personal or political depending on whether they are considered in relation to the individual or to society. Apart from moral virtue, examples of personal values include friendship, knowledge, beauty etc. and examples of political values, justice, equality and liberty. This article will outline some current ideas relating to the first group – personal values. It will begin by looking at the kinds of thing that have value and finish with a look at some of the theories that attempt to describe what value is. Reference will be made solely to Western sources although it is recognised that many, if not all, of the values discussed may be universal.