Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective — economic value, anyway — while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process.

And as in other things, so in men, not the seller, but the buyer determines the Price.

It is usually assumed that marketers use scientific methods to determine the price of their products. Nothing could be further from the truth. In almost every case, the process of decision is one of guesswork.

Wages, profits, prices are determined, always have been determined, and always will be determined until we go Communist, by the market—by supply and demand working through the market. While we tie ourselves into knots trying to invent non-market criteria for our commissions to use, the market is there, noiselessly, efficiently, irresistibly doing the job for us all the time. Irresistibly—yes, and there's the rub. For there is one thing outside the market in a modern economy, and that is money itself. Governments can and do satisfy the demand for money, raise and lower the supply of money. In short, governments have the power to control money, which is so largely their own creation. If governments allow monetary demand to increase faster than productivity, the market will not stop the process, because it cannot stop it. The market will simply go on determining wages, profits and prices in ever higher monetary terms—until something busts.

I would argue that there is no objective perception of value whatsoever. Our valuation of something is internally constructed. It’s a product of internal perception and is, therefore, the product of mental processes which are highly influenced by context…Nothing is context-independent and, therefore, nothing can be completely marketing-free.

Your financial requirements or wants have nothing whatever to do with your WORTH. Your value is established entirely by your ability to render useful service or your capacity to induce others to render such service.

[It's] not our decision to make. It's up to the people themselves.

Meanings are not determined by situations, but we determine ourselves by the meanings we give to situations.

My whole concept of economics is based on the idea that we have to explain how prices operate as signals, telling people what they ought to do in particular circumstances. The approach to this problem has been blocked by a cost or labor theory of value, which assumes that prices are determined by the technical conditions of production only. The important question is to explain how the interaction of a great number of people, each possessing only limited knowledge, will bring about an order that could only be achieved by deliberate direction taken by somebody who has the combined knowledge of all these individuals. However, central planning cannot take direct account of particular circumstances of time and place. Additionally, every individual has important bits of information which cannot possibly be conveyed to a central authority in statistical form. In a system in which the knowledge of relevant data is dispersed among millions of agents, prices can act to coordinate the separate actions of different individuals.
Given this context, it is intellectually not satisfactory to attempt to establish causal relations between aggregates or averages in the manner in which the discipline of macroeconomics has attempted to do. Individuals do not make decisions on the basis of partial knowledge of magnitudes such as the total amount of production, or the total quantity of money. Aggregative theorizing leads nowhere.

Price is what you pay. Value is what you get.

Price is what you pay. Value is what you get.

I would suggest that value is what people perceive it to be, and nothing more.

The worth of things can't be measured by what they cost but by what the cost you to get it, that if anything costs you your faith or your family, then the price is too high, and that there are some things that will never wear out.

Valuation is vague and arbitrary, when there is no assurance that it will be generally acquiesced in by others.