section_path: Related fields/Value theory
section_name: Value theory
paragraph_text: Value theory
  
  Value theory, also called axiology, is the philosophical study of value. It examines the nature and types of value. A central distinction is between intrinsic and instrumental value. An entity has intrinsic value if it is good in itself or good for its own sake. An entity has instrumental value if it is valuable as a means to something else, for example, by causing something that has intrinsic value. Further topics include what kinds of things have value and how valuable they are. For instance, axiological hedonists say that pleasure is the only source of intrinsic value and that the magnitude of value corresponds to the degree of pleasure. Axiological pluralists, by contrast, hold that there are different sources of intrinsic value, such as happiness, knowledge, and beauty.
  
  There are disagreements about the exact relation between value theory and ethics. Some philosophers characterize value theory as a subdiscipline of ethics while others see value theory as the broader term that encompasses other fields besides ethics, such as aesthetics and political philosophy. A different characterization sees the two disciplines as overlapping but distinct fields. The term axiological ethics is sometimes used for the discipline studying this overlap, that is, the part of ethics that studies values. The two disciplines are sometimes distinguished based on their focus: ethics is about moral behavior or what is right while value theory is about value or what is good. Some ethical theories, like consequentialism, stand very close to value theory by defining what is right in terms of what is good. But this is not true for ethics in general and deontological theories tend to reject the idea that what is good can be used to define what is right.