Why do things have value?

Answer 1

The question of value is one of much dispute.

According to Adam Smith, David Ricardo and Karl Marx things have value due to human labor put in to the commodity. Basically you pay what you pay for a product, based on what you understand you would have to go through to produce that product yourself. These economists argued the act of buying something is merely you trading your labor (for which you are paid wages), for another kind of labor (the kind that goes into the product you want to buy).

In addition to this, there is the more popular, and mainstream theory of Marginal Utility. Marginalists believe in supply and demand, but also in use value. In this model your desire for the use of a product and supply and demand are connected. As Supply changes, so does the usefulness of a product. In this way it is use that determines value.

Ultimately, it is up to you, in the simplest of terms it is a choice between whether you feel you are more motivated by a lack of desire to make something yourself, or a perceived 'need' for a product.