Final answer:
Well-being, or flourishing, is essential to value theory as it relates to what is good for a person, with various approaches such as pleasure, desire, and objective goods determining its value. Health, knowledge, and virtue are examples of objective goods that contribute to overall well-being.
Step-by-step explanation:
Well-being, also known as flourishing, is pivotal in value theory because it elucidates our values and their reasons. People's valuation of life aspects like a just society, good health, beautiful art, and supportive friendships are significant contributors to well-being. For some philosophers, well-being is paramount in determining values, and an action's worth is based on its enhancement of individual well-being. Well-being is considered through what is beneficial to an individual rather than abstract concepts. Philosophers generally categorize the value of well-being into: pleasure, desire, and objective goods.
Hedonism, originating with Epicurus and further developed in utilitarianism, values the acquisition of pleasure and avoidance of pain. Conversely, satisfactions considers the fulfillment of desires as central to well-being. Nonetheless, critics argue that basing ethics on pleasure is too subjective and indeterminate. Alternatively, some philosophers propose that there are objective goods, such as knowledge, virtue, and friendship, which provide a more stable basis for assessing well-being.