Good question, right? But I want to ask you also: Are you thinking the same about “value” as I am? There are many answers to this so I chose to write this in segments. The first one, here, is in terms of monetary value and the life of a working writer. I will be following up with more segments that address “value” in other forms. Please feel free to let me know if you have anything to add or even argue.
Quite recently I was re-negotiating a contract with a publisher because I was going to rewrite a few brief sections of a book that I originally was only going to edit. Nothing fancy, just a couple of paragraphs. We haggled over a few cents per word. Now, the original editor told me politely why I would not get my preferred pay rate (they don’t know me yet). Not that they are stiffing me by any means–their pay is fair, but I now push for the higher end of the scale because, well, I’ve been doing this a long time. The other editor on the project really pushed my buttons. I got the “someone else will do it cheaper” bit. Really? Well, yes they will. And, as I told him diplomatically but clearly, he’ll get what they pay for. Seeing that they weren’t budging and I’d been treated quite well otherwise (Note: I’ve not had to deal with the petulant unprofessional guy since) I figured true, they don’t know me yet, I’d give a little here.
If they had treated me poorly from the start, even the middle-ground pay would not be enough. There is a going rate per word, per page, per hour, and per project and you should always look up what that is in your field, by region, by type of publication, by level of experience. Are you contract or freelance? Are you signing a noncompete contract that limits your marketability elsewhere? Are you on retainer, full pay at time of completion of project, half at the start and half later? All of these should come into your calculations as to whether or not a job is worth the effort. ALL should include contracts with a clause regarding compensation for cancelled projects.
So, value your work, and make sure others honor that value with fair pay and fair contracts. Taking less out of insecurity or the desire to be able to call yourself a “real” writer devalues your efforts and puts your colleagues at financial risk as well.