Intrinsic value

“ Remembering the poetic rendering of our concrete experience, we see at once that the element of value, of being valuable, of having value, of being an end in itself, of being something which is for its own sake, must not be omitted in any account of an event as the most concrete actual something. ‘Value’ is the word I use for the intrinsic reality of an event. ”

“ If the action itself has greater intrinsic value than any alternative, whereas both its consequences and those of the alternatives are absolutely devoid either of intrinsic merit or intrinsic demerit; or (b) if, though its consequences are intrinsically bad, the balance of intrinsic value is greater than would be produced by any alternative ”

“ In the assertion that value is primarily intrinsic, it opposes the idea that anything which is an object of desire to numbers, and is limited in quantity, so as to have rated worth in exchange, may be called, or virtually become, wealth. And in the assertion that value is, secondarily, dependent upon power in the possessor, it opposes the idea that the worth of things depends on the demand for them, instead of on the use of them. ”

“ In a piece of silver plate curiously wrought, the intrinsic worth subsists entire, and independent of the useful value, because it loses nothing by the modification. The intrinsic value, therefore, is constantly something real in itself: the labour employed in the modification represents a portion of a man’s time, which having been usefully employed, has given a form to some substance which has rendred it useful, ornamental, or in short, fit for man, mediately or immediately. ”

“ If, therefore, we reject the theory that intrinsic value is always in proportion to quantity of pleasure, it does seem as if we may be compelled to accept the principle that the amount by which the value of a whole exceeds that of one of its factors is not necessarily equal to that of the remaining factor—a principle which, if true, is very important in many other cases. ”

“ This principle is that the intrinsic value of a whole is neither identical with nor proportional to the sum of the values of its parts. It follows from this that, though in order to obtain the greatest possible sum of values in its parts, the Ideal would necessarily contain all the things which have all these parts might not be so valuable as some other whole, from which certain positive goods were omitted. ”

“ We have not to decide between the claims of knowledge of great though conventional value, and knowledge of less though intrinsic value; seeing that the knowledge which proves to be of most value in all other respects, is intrinsically most valuable: its worth is not dependent upon opinion, but is as fixed as is the relation of man to the surrounding world. ”

“ But, of course, as a matter of fact, none of them do exist quite alone, and hence it may quite consistently allow that, as it is, many of them do have very great value. Concerning kinds of value, other than intrinsic value, it does not profess to lay down any general rules at all. ”

“ The next point to note is that our conscious experiences and activities themselves have not only their intrinsic value, as they pass, but an extrinsic value, as means toward future intrinsic values. Each phase of experience has its own worth, while it lasts, and also has its results in determining future phases with their varying degrees of worth. ”

“ And even with regard to the actual exercise of certain forms of moral excellence, it seems to me that in estimating the value of such exercise relatively to other things, we are apt to take into account, not merely its intrinsic value—the sort of value which it would possess, if it existed quite alone—but also its effects: we rate it higher than we should do if we were considering only its intrinsic value, because we take into account the other good things which we know are apt to flow from it. ”

“ And you will find that the essence of the mis-teaching, of your day, concerning wealth of any kind, is in this denial of intrinsic value. What anything is worth, or not worth, it cannot tell you: all that it can tell is the exchange value. What Judas, in the present state of Demand and Supply, can get for the article he has to sell, in a given market, that is the value of his article:—Yet you do not find that Judas had joy of his bargain. ”

“ When I say that a kind of value, to be intrinsic, must satisfy the condition that it must be impossible for two things exactly alike to possess it in different degrees, I do not mean by this condition anything which a kind of value could be proved to satisfy, by the mere empirical fact that there was nothing else exactly like any of the things which possessed it. ”

“ And yet we are justified in asserting that it is far more desirable that a certain thing should exist under some circumstances than under others; namely when other things will exist in such relations to it as to form a more valuable whole. It will not have more intrinsic value under those circumstances than under others; it will not necessarily even be a means to the existence of things having more intrinsic value ”

“ It means, that is, the act of cherishing something, holding it dear, and also the act of passing judgment upon the nature and amount of its value as compared with something else. To value in the latter sense is to valuate or evaluate. The distinction coincides with that sometimes made between intrinsic and instrumental values. Intrinsic values are not objects of judgment, they cannot (as intrinsic) be compared, or regarded as greater and less, better or worse. They are invaluable; and if a thing is invaluable, it is neither more nor less so than any other invaluable. ”

“ Value is not objective—intrinsic in the object—but subjective, varying with the desire and intentions of the possessors or would-be possessors; and, because it is thus subjective, there cannot be a definite ideal value which every article ought to possess, and still more a just price as the measure of that ideal value.' In these and similar observations to be found in the Growth of English History and Commerce, Dr. ”

“ The term value is employed in two different senses, value in use and value in exchange. By the former we mean the intrinsic utility of a thing. Air and sunlight, for example, have a high value in use; they are indispensable to life in fact ”

“ It is, in fact, obvious that in order to decide correctly at what state of things we ought to aim, we must not only consider what results it is possible for us to obtain, but also which, among equally possible results, will have the greatest value. And upon this second enquiry the comparative valuation of known goods has a no less important bearing than upon the investigation of the Absolute Good. ”

“ You are an integral factor, so to speak, of the social problem, but your value is determined by your relation to other quantifies in the complex system with which you are identified. As a segregated unit, you diminish in value. ”

“ If we then ask him what he means by value, he tells us that things are valuable in proportion as they possess utility. If again we ask him to explain to us by what means we are to judge of the utility of objects, he answers, by their value. Thus then the measure of value is utility, and the measure of utility is value. ”

“ If these results of this causally interpreted evolution reveal themselves to our inward power of valuation as full of meaning and value, indeed of the deepest and most incomparable value, the causal mode of explanation is in no way affected, but its results are all at once placed in a new light and reveal a peculiarity which was previously not discoverable, yet which is their highest import. ”

“ It is, however, a notable truth that the standard for valuation can be nothing better than an empirical one. Like mathematical quantities, value has no independent existence, but, unlike mathematical quantities, value has not even existence as a quality of one object. ”

“ The mind grasps such a notion with difficulty, if at all. Logic is mechanical and mathematical, and mathematics and mechanics are static. [592] But further, we may in large measure bring the historical considerations into a cross-section picture, when it is a value system that is involved. Past facts exert their influence through present values; and future facts, which may be expected to modify future values, come into the present equilibrium as discounted present worths. ”

“ We say that a man is tall, or heavy, or that the room is hot—qualitative statements; or we may say exactly how tall, or how heavy, or how hot—quantitative statements. The distinction between qualitative analysis and quantitative analysis in chemistry implies the same idea. Thus we may speak of a piece of wealth as having a definite quantity of value, or say that the value of the piece of wealth is a definite quantity. ”

“ Let us conceive of wealth as a mass whose elements are held together permanently by a chemical force, and into which new elements incessantly enter and combine in different proportions, but according to a definite law: value is the proportion (the measure) in which each of these elements forms a part of the whole. ”

“ My own theory of value, which finds the roots of economic value ramifying through the total social psychological situation, rather than in utility or labor-pain alone, involves possibilities like these. ”

“ Taken thus, products present themselves not merely according to their sources, but according to their value as well, as the syntheses of their productive elements. That product which requires them in greater quantity has the greater value. ”

“ A thing, for instance, which has evident value with reference to the greatest durability of a race might possess quite another value, if it were a question of creating a higher type. The good of the greatest number and the good of the smallest number are antithetical points of view in valuation ”

“ The things which are good, it is held, are just good, possess a property which can be recognised by immediate intuition, and here, since good is unanalysable, the matter must rest. All that the study of value can do is to point out the things which possess this property, classify them, and remove certain confusions between ends which are good in themselves and means which are only called good, because they are instrumental in the attainment of intrinsically good ends. ”

“ The differing values of men in a social population are determined, as other values are measured, by the working of the law of diminishing returns.
Roughly stated, this law is that successive additions of any valued thing bring ever diminished returns. The first quantity of anything is of infinite value. ”

“ The things, then, to which the state of commercial relations and civil institutions permits a value in exchange to be attached, are those which in the language of to-day are characterized by the word wealth; and to form an intelligible theory we ought to absolutely identify the sense of the word wealth with that which is presented to us by the words exchangeable values. ”

“ Chapter IX. Value The Basis Of Exchange. The nature of value.—Perhaps no question in the discussion of wealth is of greater importance than the nature of value. Certainly the measurement of value in all our property is the basis of all exchanges, of all book accounts, and of all inventories. The worth of any piece of property in such estimates always involves some comparison, either of things possessed or of exertion required or of satisfaction yielded. In comparing an apple and a peach, both equally attainable, we may value the peach most highly because it gratifies desires in higher degree. ”

“ For the purpose of the valuation process through which the impulse is so conveyed, human nature may, therefore, be accepted as uniform; and the theory of the valuation process may be formulated quantitatively, in terms of the material forces affecting the human sensory and of their equivalents in the resulting activity. In the language of economics, the theory of value may be stated in terms of the consumable goods that afford the incentive to effort and the expenditure undergone in order to procure them. ”

“ The fact is, on the contrary, that, since the whole may be organic, the other element need have no value whatever, and that even if it have some, the value of the whole may be very much greater. For this reason, as well as to avoid confusion between means and end, it is absolutely essential to consider each distinguishing quality, in isolation, in order to decide what value it possesses. ”

“ But when we consider what such a measure implies, we must feel certain that no one object exists, or can be supposed to exist, with such qualities as would fit it to become a standard measure of this kind. It would imply steadiness of value, not merely in one object, but in a great number, which is contrary to all theory and experience. ”

“ Modern economists—chiefly those of the Austrian school—have analyzed the subject more thoroughly, especially the relation between the two conceptions, and have shown that utility or subjective value, as it is generally termed by them, is an expression both of human desire and of the quantity of the necessary commodity available to satisfy such desire. ”

“ What do we say, in fact?
To determine value,—in other words, to organize within itself the production and distribution of wealth,—society proceeds exactly as the mind does in the generation of concepts. ”

“ Nothing can be used as a standard which has not properties in common with the thing to be estimated. That which has length can alone measure length; and that which has value can alone measure value.”
“How then can an ideal standard of value be used at all?”
“Because an ideal value alone is referred to it. But that abstract value is obtained through the reality which is ascertained by the comparison of commodities. ”

“ We find what that is by analyzing the constituent elements of different goods which possess exchange value. How can we compare them? Only because they contain some common element. But what is there in common between a horse and a house? You cannot say that this stick is longer than that sugar is sweet. Yet you say this house is worth ten times as much as that horse. Materials are not compared, nor stability with swiftness, nor color with color. The common element is found alone in human [179] labor. You compare labor with labor. ”