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Quotation from Principles of Economics by Carl Menger
“Value is thus nothing inherent in goods, no property of them, nor an independent thing existing by itself.”
Principles of Economics, Chapter III, section 1 (The Nature and Origin of Value), pp. 120-21, trans. James Dingwall and Bert F. Hoselitz (1950)
Menger's statement of the subjective theory of value: value is a judgment people make about the importance of goods for their needs, not a quantity of labour contained in them.
Citation: "Value is thus nothing inherent in goods, no property of them, nor an independent thing existing by itself." — Carl Menger, Principles of Economics, Chapter III, section 1 (The Nature and Origin of Value), pp. 120-21, trans. James Dingwall and Bert F. Hoselitz (1950). (id menger-principles-of-economics-q2)
