If there is such a thing as a genuine property appropriately called "intrinsic value" this property must be such that recognition that something does, or would, possess it, has a necessary tendency to motivate towards sustaining that thing in existence or producing it (if possible). There is just one thing which possesses that property and that is the property of being pleasurable (properly conceived) which, therefore, is the same as intrinsic value. (The same, mutatis mutandis, applies to intrinsic disvalue and (...) painfulness.) Why this seems not to be so is explained. (shrink)