The values that a person holds may be personal or political depending on whether they are considered in relation to the individual or to society.[1] Apart from moral virtue, examples of personal values include friendship, knowledge, beauty etc. and examples of political values, justice, equality and liberty. This article will outline some current ideas relating to the first group – personal values. It will begin by looking at the kinds of thing that have value and finish with a look at some of the theories that attempt to describe what value is.[2] Reference will be made solely to Western sources although it is recognised that many, if not all, of the values discussed may be universal.