Value is subjective ... and very difficult to quantify ... but that does not mean that value should be ignored by a socio-economic system of “scorekeeping”. Value is, after all, more than anything else, what determines quality of life.
Putting a number on value! Putting a number on value is difficult ... but it has great utility. As a matter of convenience, the number is also a number for money. Because there are no capital markets that trade in “value” there is no way for value to be monetized. Value quantification is needed if the use of value as a metric is going to succeed. TVM uses the accounting concepts of standards to provide a framework for value quantification.
Value is not the same in all cultures and locations! Culture plays a big role in how value is perceived.
Modern materialism has tended to equate more and more or bigger and bigger with more value ... but that is not the only way value may be perceived. Different cultures in different places may put different values on the same things ... and this should be respected and value optimized based on what is most appreciated in the community.
In TVM, the quantification of value is independent of any money metric. The quantification is a basis for comparing all the different 'values' that go in to make for quality of life.
The value ... in this case a loss ... is different whan a 1 year old child dies, a 20 year old person dies or an 87 year old person dies. TVM quantifies the difference, recognizing that different people and different communities are likely to make this quantification differently.
A child of 5 years old dies in a rich community in the United States, in a poor community in Africa, or among the large population in China. All of these quantifications are going to be different.
The process of quantification does, however, enable a more objective analysis of what it is that goes into the idea of 'quality of life' and what are needed to improve quality of life.
TVM has value as the core metric. Value is as central to TVM as profit is to money profit corporate reporting systems. The value of a community ... or society ... is the key measure in TVM and a core determinant of how society delivers on the goal of happiness and quality of life. Value must be quantified.