Fairness is important concept in Western philosophy and in economics alike. We review the so-called fair division theories in philosophy and economics that explore fairness as a distinct value concept. Philosophers build on John Broome’s influential account of fairness as the proportional satisfaction of claims. Economists analyze fair division via so-called claims problems and cooperative games. We show that these fair division theories in philosophy and economics promote an understanding of fairness as a substantive, local, and objective concept. We also suggest that philosophical and economic theories in this area have much to offer to one another.