Value and Worth
Value has many interpretations but at its core it implies the concept of worth.
Value is included in an economic sense, such as how much does something cost versus its usefulness.
Adam Smith in “Wealth of Nations” wondered why water seemed so cheap relative to human needs for water to survive. Without water humans die. The answer lies in the marginal cost of water. For most of history water was/is plentiful and easy to get. Except in the desert. The marginal cost of water may be very high! Geographic consideration affects value and worth.
Simplistically, value is a rating of numerical quantity. The higher the number the bigger the value, potentially raising the worth. However, the worth of water is great to human survival but low relative to price. The implication is that value is related to, but not the same as worth. If one buys something at a discount to the regular price one gets the same worth for a lesser price and it is commonly said that is a better value (“What a bargain!”, some may say.) Value encompasses relative worth, utility, or importance.
The previous paragraph suggests there is a lot more to value and worth than monetary exchange. It includes evaluation, appraisal, appreciation, intrinsic worth, equivalence, excellence, standards, attitude, moral principles, beliefs, merit, importance, satisfaction and more. In short, value and worth are 2 of the most important metaphysical concepts in human existence. (This directly relates to Maslow’s hierarchy of needs, discussed earlier.)
The economic view of value is concerned with monetary worth, related to cost, price, geography, scarcity, efficiency of production, market conditions, etc.
The philosophical view of value is concerned with human (intrinsic) worth, related to beliefs, culture, family upbringing, age, notions of good and evil, religion, etc.
Value theory is concerned with theoretical questions about value and goodness of all varieties, questions that often cross the boundaries between normative ethics and the metaethical. It asks how and why people value something, be it a person, idea, or object; thus both moral and natural goods are equally relevant to value theory. Ethics (Moral Philosophy) and Value Theory - General Philosophy - Research Guides at University of Wisconsin-Madison
An example of age-related values can be represented by high school experience. Teenagers value what their peers think of them. One’s status is reflected in their relative acceptance or a lack thereof. (One’s value.) The result is one can indulge in styles of dress, behavior and thoughts that may be driven by pressure from their peers. They can also be driven to suicide if they feel excluded or taunted. If one survives the high school experience maturity may have one reflect on some of the questionable choices. A classic refrain from a mother to a child may be, “So if everyone jumped off a bridge, would you too?” Perhaps, humanity never fully leaves this stage. It explains some traits that move to adulthood. The nerds may have a higher income in later life, but they still want to be cool! Status is a relative thing and given by the group based on what the group values. (It also explains why some goods seem expensive relative to the usefulness of the goods, namely jewels, gold and sports team championship games.)
Philosophical intrinsic values are what is important to human beings. Sunrises and sunsets most often do not have a cost (unless one must travel to see one) but they are often inspiring and satisfying.
The distinction between Monetary versus Philosophical Intrinsic
value is summed up by the cynical Oscar Wilde quote, “Know the cost of
everything and the value of nothing.”
“What does it profit a man to gain the whole world, yet forfeit his soul?” originates from the Bible, Mark 8:36. Whatever one thinks of the Bible and the existence of a soul, this quote is relevant to this discussion to use reason to consider the questions and answers. The soul could be a metaphor for the core beliefs (values) of a human.
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