According to Murray Rothbard, valuations do not exist independently. Valuations are not even primarily about the “things” valued. Valuation is the outcome of the mind valuing things. It is a relation between the mind and things. According to Carl Menger, an individual ranks goods in accordance to the importance of serving a given subjective goal. Various ends that an individual finds important in a moment are valued in a descending ranking. On this Menger wrote,
Here we go again. Yes, each and every consumer (person) has a valuation scale in his mind. Every valuation scale is individual, unique and very different. They come out during the selection of goods and are very subjective. This is part of the subjectivist revolution in economics.