1. The property or aggregate properties of a thing by which it is rendered useful or desirable, or the degree of such property or sum of properties; worth; excellence; utility; importance. Ye are all physicians of no value. (job xiii. 4) Ye are of more value than many sparrows. (Matt. X. 31) Caesar is well acquainted with your virtue, And therefore sets this value on your life. (Addison) Before events shall have decided on the value of the measures. (Marshall)
2. Worth estimated by any standard of purchasing power, especially by the market price, or the amount of money agreed upon as an equivalent to the utility and cost of anything. An article may be possessed of the highest degree of utility, or power to minister to our wants and enjoyments, and may be universally made use of, without possessing exchangeable value. (M'Culloch) Value is the power to command commodities generally. (A. L. Chapin (Johnson's cys)) Value is the generic term which expresses power in exchange. (F. A. Walker) His design was not to pay him the value of his pictures, because they were above any price. (Dryden)
In political economy, value is often distinguished as intrinsic and exchangeable. Intrinsic value is the same as utility or adaptation to satisfy the desires or wants of men. Exchangeable value is that in an article or product which disposes individuals to give for it some quantity of labour, or some other article or product obtainable by labour; as, pure air has an intrinsic value, but generally not an exchangeable value.
Origin: OF. Value, fr. Valoir, p. P. Valu, to be worth, fr. L. Valere to be strong, to be worth. See Valiant.