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Intrinsic monism (from Greek monos, 'single') holds that there is one thing with intrinsic value. This view may hold only life stances that accept this object as intrinsically valuable. Intrinsic multism (from Latin multus, 'many') holds that there are many things with intrinsic value. In other words, this view may hold the instrinsic values of ...
Most such theories look to the process of producing an item, and the costs or resources involved in that process, to identify the item's intrinsic value. [1] 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.
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. [1] Things are deemed to have instrumental value (or extrinsic value [ 2 ] ) if they help one achieve a particular end; intrinsic values , by contrast, are understood to be desirable in and of themselves.
For example, if a virtuous person becomes happy then the intrinsic value of the happiness is simply added to the intrinsic value of the virtue, thereby increasing the overall value. [95] G. E. Moore introduced the idea of organic unities to describe entities whose total intrinsic value is not the sum of the intrinsic values of their parts. [96]
"Understanding science" may be such a good, being both worthwhile in and of itself, and as a means of achieving other goods. In these cases, the sum of instrumental (specifically the all instrumental value) and intrinsic value of an object may be used when putting that object in value systems, which is a set of consistent values and measures.
The theory of value is closely related to that of allocative efficiency, the quality by which firms produce those goods and services most valued by society. The market value of a machine part, for example, will depend upon a variety of objective facts involving its efficiency versus the efficiency of other types of part or other types of ...
David Lewis offered a list of criteria that should condense the distinction between intrinsic and extrinsic properties (numbers and italics added): [1]. A sentence or statement or proposition that ascribes intrinsic properties to something is entirely about that thing; whereas an ascription of extrinsic properties to something is not entirely about that thing, though it may well be about some ...
Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods. [1] This is in contrast to representative money , which has no intrinsic value but represents something of value such as gold or silver, for which it can be exchanged, and fiat money , which derives its value from ...