Abstract

Any attempt to construct a philosophy of Value must presuppose some general understanding of what Value is. And so it might seem natural to begin with a precise definition of the concept we are about to investigate. What, we might ask ourselves, is the characteristic peculiar to all those situations in the description of which we are accustomed to use the word “value” or its cognate terms, and distinguishing them as a class from all those situations to which we do not apply the word? Proceeding empirically in this way, from an inspection of the “field of application” of the word “value” we might reasonably hope to discover a “highest common factor” of all the data, which would be the required definition of the concept “Value.” But we should be met at the outset by radical differences of opinion about the scope of the relevant data