Yes, and not just in this case. Value is always to some individual: There is no value outside of someone’s brain. When we say “value to society”, that’s shorthand for “the aggregation of the value inside every individual’s head”.
Money measures some of the value inside people’s heads: You pay $20 for a shirt, and I can tell that you value the shirt by at least $20. When I go for a walk, I’m not paying anyone, but that doesn’t mean the value is $0.
Yes, and not just in this case. Value is always to some individual: There is no value outside of someone’s brain. When we say “value to society”, that’s shorthand for “the aggregation of the value inside every individual’s head”.
Money measures some of the value inside people’s heads: You pay $20 for a shirt, and I can tell that you value the shirt by at least $20. When I go for a walk, I’m not paying anyone, but that doesn’t mean the value is $0.