… economic value is not an inherent property of a good, but determined by the preferences of those who wish to acquire the good. (See description in Value Theory.)

Establishing the source and measure of value represents the most important principles and theories for understanding free market economics. Only the Austrian School has correctly identified the subjective nature of value (individual actors in the market provide the only source and measure of economic value.)

Because of the importance of Subjective Value, I have devoted a great deal of attention to the subject in the Reasoning section of this website. Go here for more information.