> an underlying quality of the toaster, the ability to make toast, which is independent of its cost in different places and this is called intrinsic theory of

> an underlying quality of the toaster, the ability to make toast, which is independent of its cost in different places and this is called intrinsic theory of value[0], which mostly has been superceded by other theories (such as the one in my post, which is the subjective theory of value[1]). While the intrinsic theory of value isn't wrong per se, it is too naive, and "simple", such that this theory does not explain much when applied to real world scenarios. [0] https://en.wikipedia.org/wiki/Intrinsic_theory_of_value https://en.wikipedia.org/wiki/Intrinsic_theory_of_value [1] https://en.wikipedia.org/wiki/Subjective_theory_of_value https://en.wikipedia.org/wiki/Subjective_theory_of_value