Subjective Theory of Value

Subjective Theory of Value is the greatest idea in the history of economics and the foundation of understanding of economics as both a science and art. It is the study of human action and interaction. It is not inherent, and is instead worth more to different people based on how much they desire or need the object. Subjective Theory of Value holds that one can create value simply by transferring ownership of a thing to someone who values it more highly, without necessarily modifying that thing. It’s individual’s preferences can be based on the toil or trouble to acquire an item, or something else entirely.