Assessing the value of HE has now become embroiled in discussions of its functions and outputs in the context of increased marketisation. Much of this is based on a fairly crude value framing concerning the economic impact, return value and, measured performance, derived from HE. This article explores the concept of value associated with the work of Dewey and applies this to current market principles and dynamics in HE, particularly the distinctions he draws between value means and ends in the process of valuation. As well as examining the tensions and possible interplays between intrinsic and instrumental values, and ways of bridging this tension, the article analyses the implications this has for HE in its current market form. It critically engages with the characteristic ways in which dominant measurement and markers of value are applied in assessing the value generated by institutions and discusses the implications for market-orientated HE systems.