Steen's Law is a principle in the field of economics that suggests the value of a product or service is determined by its perceived utility rather than its intrinsic qualities. This means that how useful or beneficial something is to a consumer plays a more significant role in its market value than the actual features or materials used to create it. The law is often discussed in relation to consumer behavior and market dynamics. It highlights the importance of understanding customer needs and preferences, as businesses that align their offerings with consumer perceptions are more likely to succeed in competitive markets.