In general, value implies preciousness and utility of things and phenomena.
The word value is used in both philosophical meaning and economic meaning.
The word value was used first by Aristotle, a philosopher in ancient Greece. He used this word as a symbolic expression, insisting that there should be equivalence to value in commodity exchange.
In economics value means property of commodity that serves as a basis of exchange, in other words, social labor engaged in commodity production. In this case, value is used as a notion distinct from utility value(usefulness) and price(value expressed in currency). Size of a commodity value is determined by public requisite labor wasted in producing the commodity.
However, value as a philosophical category is fundamentally different from it.
Value as a philosophical category is discussed in relationship with man and the surrounding world.
Philosophical meaning of value explains the extent of things and phenomena serving the interests of man. All things and phenomena of the world have value as long as they serve man. Utility of things and phenomena is inconceivable without man.
Like this, value as a philosophical category is used to express utility of all things and phenomena, the degree of contribution they make for man’s interests.
