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==Theory of value==
Ayn Rand explains in her work [[Capitalism: The Unknown Ideal]] that the Objectivist theory of value holds the following:
::*Reality exists independent of human perception. If humans did not exist, reality would still exist. Reality has some properties that cannot be changed; but humans can observe, learn and know what these properties are. These properties are said to be [[intrinsic]] to reality. ▼*'''Reality exists independently of perception:'''
::*Humans have unique needs. By virtue of being alive, humans have needs, which may be unique to each individual. Humans do not exist outside of reality, and have wants and needs to continue living. Some needs may be universal, like water; some needs may be individual, like [[hearing aid]]s. Needs are [[Subjectivity|subjective]] because they may change from individual to individual. ▼:::''see [[Objectivism (Ayn Rand)|Objectivism]]''
::Therefore*Value valueis an objective relationship. Value is not a quality contained solely in the object, or solely in the mind of the human, but is a relationship between the intrinsic facts of reality, and the subjective needs of humans. The value is said to be ''objective'' because for one particular human, under one particular set of circumstances, the value of an object will always be the same ''to that human''. ▼▲::Reality exists independent of human perception. If humans did not exist, reality would still exist. Reality has some properties that cannot be changed; but humans can observe, learn and know what these properties are. These properties are said to be [[intrinsic]] to reality.
*'''Humans have unique needs :'''
▲::By virtue of being alive, humans have needs, which may be unique to each individual. Humans do not exist outside of reality, and have wants and needs to continue living. Some needs may be universal, like water; some needs may be individual, like [[hearing aid]]s. Needs are [[Subjectivity|subjective]] because they may change from individual to individual.
*'''Value is an objective relationship:'''
::Consider the following example of a [[caveman]] in need of meat:
::*The caveman has a ''need'' for fresh meat.
::*The caveman ''observes'' that a rock falling on an animal kills it.
::*After many such observations, the fact that a rock has the property "kills animals", becomes part of the caveman's ''knowledge'' of reality.
::*Because of this knowledge, rocks become ''valuable'' to the caveman as a tool for getting fresh meat.
::The value of the rock as being able to kill animals, requires both the intrinsic and the subjective to be present:
::*The intrinsic property of the rock of being both hard and heavy have to be present. A piece of [[pumice]] will not work.
::*The subjective need for meat has to be present. A hard and heavy rock will be of no value to a vegetarian (although the rock may be of value as a [[grindstone]] to such a person).
▲::Therefore value is not a quality contained solely in the object, or solely in the mind of the human, but is a relationship between the intrinsic facts of reality, and the subjective needs of humans. The value is said to be ''objective'' because for one particular human, under one particular set of circumstances, the value of an object will always be the same ''to that human''.
==Necessity of value==
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