Intrinsic theory of value

In early political economy, intrinsic or objective theories of value were a set of early theories of value holding that the value of an item is an objective property of the item itself. It has since been superseded in economics by the subjective theory of value, which recognizes value as a property that is ascribed to items by a person; as a result, the value of an item to someone can vary depending on personal tastes and preferences.

Source: Wikipedia — Intrinsic theory of value (CC BY-SA 4.0)