Yes, it is often defined in terms of money. That is because if you actually value something you would be willing (but not neccessarily able!) to pay for it.
But let's not get bogged down in an untractable argument over the meaning of words. My point really boils down to: economics does concern itself with value which is different than the market value. They study the cases where the market value will refect people's true perferences, and when it will not.
http://www.efi.int/files/attachments/e45/meetings/31hanemann...
Yes, it is often defined in terms of money. That is because if you actually value something you would be willing (but not neccessarily able!) to pay for it.
But let's not get bogged down in an untractable argument over the meaning of words. My point really boils down to: economics does concern itself with value which is different than the market value. They study the cases where the market value will refect people's true perferences, and when it will not.