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How do you define value for websites?

Ok, let’s take the the wikipedia explanation of value:

The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods which can be exchanged. From this analysis came the concepts value in use and value in exchange.

Value in use describes what I have to give up to obtain more of a good. I know I will have to reduce my leisure, consumption, savings or investment to obtain more of something. That is the basic trade-off in value.

Value in exchange describes what I have to trade to obtain more of a good, and describes the opportunities available in the market.

So how would one define what is a “valuable” website? I think we can all agree that search engines (i.e. help you find stuff) and mail service providers (i.e. help you communicate) are valuable, but what about seemingly-trivial sites like MySpace/FaceBook/Hi5/Bebo/etc etc? Sure people can agree that social networks are communication platforms, but if communication is what people really wanted, why not stick to just email?

Then again, are these sites valuable because of what they provide or because people use them that these sites are valuable? It’s a chicken or the egg question, but apparently, they are useful in the marketplace otherwise no one would be using them.

How can I define value?

I personally think companies like Skype, WalMart, Microsoft, Lucky’s Supermarket, Verizon, etc. all provide extremely valuable service/products. So I guess my definition of value is… you cannot live comfortably without them or that your life is better because of what they provide.

*shrug*

Monday morning randomness.

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