Theories of Value

Basics

• In order to calculate pay, price, and many other things in a system, there needs to be some sort of way to determine the objective "value" of something
• This is a debated issue in economics, and this page goes over the various proposed theories
• Actual Economist Help/Review Would Be Appreciated, If Reading This

List

Intrinsic theory of value

• Essentially what it takes to make something / the utility it provides once created
• Kind of calculated in LCAs
• Doesn't entirely potray reality, but it's a "good place to start"

Internal Links

• Open Pricing Standard
• Open Budgeting Standard

External Links

• The Wikipedia Page on Theories of Value