The concept of value is rarely questioned in everyday life and is often equated with price. However, when one considers the concept of what gives something, a good, its value, it quickly becomes clear that this leads to a complex issue. More than 200 years ago, the economist David Ricardo examined the value of goods, building on the foundations laid by Adam Smith. The philosopher and economist Karl Marx expanded upon and critiqued these approaches. By examining the different approaches of these two economists, a clear picture of the concept of value in theoretical economics can be formed.