Yes, you understand my approach. Although "absolute" could imply that a good has the same value always and forever and in every place and circumstance, which I do not believe.
I think everything that could be valued has an absolute value, given the circumstances or context in which it's being evaluated. This is not the same thing as subjectivity in my view.
The theory is interesting, but from what I've heard so far I have to disagree. Still going to read more into it though.