Under this definition explain the higher value we put on diamonds over water.

Reply to this note

Please Login to reply.

Discussion

Carl Menger famously explains this through marginal utility.

Value is subjective. Intrinsic value is objective.

What use does your definition of intrinsic value have thou? For example, what is the use of sustaining life if it is spent in a coma? Why should we consider goods that assist in such a thing have intrinsic value?

Someone's blissful coma is another's hell. Your intrinaic value then comes back to being subjective.