THE ECONOMICS OF INTRINSIC VALUE－A note on the value theory of J. Ruskin and A. Sen－

The purpose of this paper is to take a theory of intrinsic value in economics and to investigate the process of production, circulation and consupmtion of intrinsic values in the society. As it will be discussed in detail later, we can recognize the intrinsic value by J. Ruskin in I860' and the stock of knowhow in human activities about production and consumption which human being came to recognize in the history. Thus, it is a kind of intellectual property. Moreover, the intrinsic value is not proper for thinking by the genius. It communicates with the number of people who are diverse and individual. It is preserved, developed and suceeded from generation to generation as a common stock in their working and living. The author intends to establish a new theory of economics on the bais of intrinsic value which is to replace the conventional concepts of prices and values in the system. The idea is based upon the following. In the traditional study of economics, it is usual to set up a short run as well as a pair of preliminary assumptions that a) the amount of resources available for a society is limited, and b) the market exists as a measure of substitutability of those limited resources. To find an optimal distribution of resources by means of free competition