What is "value theory"

n. A theory of how people positively and negatively value things and concepts, the reasons they use in making their evaluations, and the scope of applications of legitimate evaluations across the social world.

Value theory encompasses a range of approaches to understanding how, why, and to what degree persons value things; whether the object or subject of valuing is a person, idea, object, or anything else. This investigation began in ancient philosophy, where it is called axiology or ethics. Early philosophical investigations sought to understand good and evil and the concept of "the good". Today, much of value theory aspires to the scientifically empirical, recording what people do value and attempting to understand why they value it in the context of psychology, sociology, and economics.

At the general level, there is a difference between moral and natural goods. Moral goods are those that have to do with the conduct of persons, usually leading to praise or blame. Natural goods, on the other hand, have to do with objects, not persons. For example, the statement "Mary is a good person" represents a very different sense of the word 'good' than the statement "That was some good food".

Ethics is mainly focused on moral goods rather than natural goods, while economics has a concern in what is economically good for the society but not an individual person and is also interested in natural goods. However, both moral and natural goods are equally relevant to goodness and value theory, which is more general in scope.