The second theory, the theory of intrinsic value, also has roots in ancient ethics, specifically, Plato’s theory of Forms. But unlike Plato’s theory, the basic tenets of which include certain doctrines about the reality and transcendence of value, the theory of intrinsic value neither contains nor presupposes any metaphysical theses. At issue in the theory is what things are good in themselves, and one can take a position on this issue without committing oneself to any thesis about the reality or unreality of goodness or about its transcendence or immanence. A list of the different things philosophers have considered good in themselves would include life, happiness, pleasure, knowledge, virtue, friendship, beauty, and harmony. The list could easily be extended.
An interest in what constitutes the goodness of the various items on the list has brought philosophers to focus primarily on the question of whether something unites them. The opposing views on this question are monism and pluralism. Monists affirm the list’s unity; pluralists deny it. Plato, for instance, was a monist. He held that the goodness of everything good in itself consisted in harmony and therefore each such thing owed its goodness to its being harmonious. Alternatively, some philosophers have proposed pleasure as the sole constituent of goodness. Indeed, conceiving of pleasure as a particular kind of experience or state of consciousness, they have proposed this kind of experience as the only thing good in itself and characterized all other good things as instrumentally good, as owing their goodness to their being sources of pleasure. Thus, hedonism too can be a species of monism.
In this case, though, one must distinguish between the view that it is one’s own experiences of pleasure that are intrinsically good and the view that anyone’s experiences of pleasure, indeed, any sentient being’s experiences of pleasure, are intrinsically good. The former is called (by Sidgwick) egoistic hedonism, the latter universal hedonism. This distinction can be made general, as a distinction between egoistic and universal views of what is good in itself or, as philosophers now commonly say, between agent-relative and agent-neutral value. As such, it indicates a significant point of disagreement in the theory of intrinsic value, a disagreement in which the seeming arbitrariness and blindness of egoism make it harder to defend.
The Cambridge Dictionary of Philosophy, 2nd Ed., pp. 285-6
I was dumbfounded when I read the bolded text. Yes, egoistic hedonism may seem arbitrary. Why does the agent deserve pleasure and the others don't? That's a good question.
However, if egoistic hedonism is deemed arbitrary, then hedonism itself can be deemed arbitrary: why is the pursuit of pleasure valuable, seems like an arbitrary choice for me. Perfectionism can be deemed arbitary: why is the pursuit of excellence valuable? Seems arbitrary to me. Why choose utilitarianism over deontology? Seems arbitrary to me. In other words, many philosophical issues can be deemed arbitrary if egoistic hedonism is deemed arbitrary, and this is not a useful accusation at all.
What do you think of my analysis?