Front Page Titles (by Subject) Utility and Value are not intrinsic. - Money and the Mechanism of Exchange
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Utility and Value are not intrinsic. - William Stanley Jevons, Money and the Mechanism of Exchange 
Money and the Mechanism of Exchange (New York: D. Appleton and Co. 1876).
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Utility and Value are not intrinsic.
It is only, then, when supplied in moderate quantities, and at the right time, that a thing can be said to be useful. Utility is not a quality intrinsic in a substance, for, if it were, additional quantities of the same substance would always be desired, however much we previously possessed. We must not confuse the usefulness of a thing with the physical qualities upon which the usefulness depends. Utility and value are only accidents of a thing arising from the fact that some one wants it, and the degree of the utility and the amount of resulting value will depend upon the extent to which the desire for it has been previously gratified.
Regarding utility, then, as constantly varying in degree, and as variable even for each different portion of commodity, it is not difficult to see that we exchange those parts of our stock which have a low degree of utility to us, for articles which, being of low utility to others, are much desired by us. This exchange is continued up to the point at which the next portion given would be equally useful to us with that received, so that there is no gain of utility: there would be a loss in carrying the exchange further. Upon these considerations it is easy to construct a theory of the nature of exchange and value, which has been explained in my book1 called "The Theory of Political Economy." It is there shown that the well-known laws of supply and demand follow from this view of utility, and thus yield a verification of the theory. Since the publication of the work named, M. Léon Walras, the ingenious professor of political economy at Lausanne, has independently arrived at the same theory of exchange,2 a remarkable confirmation of its truth.
[1.]"The Theory of Political Economy." 8vo. 1871 (Macmillan).
[2.]Walras, Éléments d'Économie politique pure." Lausanne, Paris (Guillaumin), 1874.