Value Theory

BY: T. Franklin Murphy | August 3, 2021

Value Theory:

Value theory is a philosophical concept concerned with theoretical questions about value and goodness, crossing boundaries of ethics, psychology, religion and culture.

Value theory examines how people value all varieties of goodness (people, ideas, objects).

Key Definition:

Value is the regard that something is given; the subjective importance, worth, or usefulness of something.

Why is Something Given Value

Value given to a person, idea, or object greatly fluctuates from person to person and community to community. Value theory isn't concerned with the "right" value or what is valued. Value theory examines why something is valued and how value is measured.

Good/ Bad and Better/Worse

We often express value through statements of 'good' and 'bad' or 'better' and 'worse'.

“pleasure is good”;
“it would be good if you did that”;
“too much cholesterol is bad for your health”
“that is a good knife”;
“he’s a bad man”;
“it would be better if you didn’t”;
“my new can opener is better than my old one”;

These statements subjectively place value on someone or something, giving value without acknowledging the terms of measurement.

"Pleasure is good," for example, doesn't qualify what "good" pleasure is good for. When we identify the object of measurement than the placed value has more meaning. For instance, "pleasure is good for your health," provides am arguable point that can be supported or rejected with facts.

Value, Goodness, Welfare, and Function

Value claims can be further divided into four categories.

Placing value on something (pleasure, knowledge, money)
Measure of goodness
Claims of welfare or wellbeing
Measure of function

Placing Value on Something

Placing value on something is much easier when that something is universally accepted as valuable. Things like money, knowledge, and money are generally accepted as valuable.

Measure of Goodness

Measures of intrinsic goodness particularly draws attention from philosophers. While there is no definitive answer, cultures define goodness through traditional values. "It is good to be honest."

Welfare and Well-being

When the subject following "for" is a person, the value stated is about welfare or well-being. "It is good to exercise" is really "it is good for you to exercise".

Measure of Function

A measure of function referrers to the utility of something within its instrumental purpose, such as, this hammer is good, meaning this hammer is good at hammering.

Value Claims are Comparative

Many basic issues in the theory of value begin with questions or assumptions about how various objects or claims are related to one another. A statement of "he is a good man" indicates there are also men that are not good. Value suggests there are comparisons of more or less value.

Traditional questions of value seek to investigate what things are good, how good they are, and how their goodness is related to one another.

No Definitive Determination of Value

Since value theory is mostly a philosophical framework for discussions on value, there is no definitive identification of what is valuable and what has little worth. Value theory provides the framework for investigations into claims of value.

Books

A Few Words from Flourishing Life Society

Determining value is an essential operation of human existence. We set priorities, weigh choices, and choose what evidence to consider. We place value on people, things and ideas. Our judgments of value go largely unnoticed, working in the deep realms of the unconscious mind. Understanding that our choices are driven by values allows us to examine and sometimes challenge the subjective values directing our lives.

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T. Franklin Murphy

Wellness. Writer. Researcher.
T. Franklin Murphy has a degree in psychology. He is dedicated to the science of wellness. In 2010, he began publishing his findings.