An intrinsic theory of value is any theory of value in economics which holds that the value of an object, good or service, is intrinsic or contained in the item itself. Most such theories look to the process of producing an item, and the costs involved in that process, as a measure of the item's intrinsic value. For instance, the labor theory of value - the most influential of the intrinsic theories - holds that the value of an item comes from the amount of labor spent producing said item. For example, if a chair is produced by two workers in 6 hours, then that chair is worth 2 x 6 = 12 man-hours (this is a simplified case; the labor theory of value is often seen as taking into consideration only the necessary amount of labor that must go into the production of an item, which may be less than the actual expended labor due to inefficiency). See also Cost-of-production theory of value Marginal theory of value Labor theory of value Categories: Stub ... Economics (from the Greek οίκος [oikos], family, household, estate, and νομος [nomos], custom, law, hence household management and management of the state) is a social science that studies the production, distribution, trade and consumption of goods and services. ... Intrinsic is used to describe a characteristic or property of some thing or action which is specific to that thing or action, and which is wholly independent of any other object, action or consequence. ... The labor theory of value (LTV) is a theory in classical economics concerning the value of an exchangeable good or service. ...
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