ABSTRACT
Value, in the fundamental economic sense of the term, depends on scarcity. Valuable things are things which are scarce in relation to the quantities of them men would use if they could be had without effort. Anything that is capable of being scarce in this sense is capable of having a value. It follows that nothing has a value in itself, without reference to men's need or desire for it. All values are social; and no such thing as the "intrinsic value" of any commodity exists.
