Utility: Difference between revisions
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'''Utility''' in the context of economics is the causal relevance for a [[good]] to the remove felt uneasiness. In the context of [[praxeology]], the term is "tantamount to importance attached to a thing on account of the belief that | '''Utility''', in the context of economics, is the causal relevance for a [[good]] to the remove felt uneasiness. In the context of [[praxeology]], the term is "tantamount to [the] importance attached to a thing on account of the belief that it can remove felt uneasiness."<ref name="humanaction_ch7sec1">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap7sec1.asp VII. Action Within The World], 1. The Law of Marginal Utility, ''[[Human Action]]'', online version, referenced 2011-04-30.</ref> In addition to these notions, there is also the technological notion of objective utility in the sense of a thing being able to bring about a certain effect. | ||
==References== | ==References== | ||
Revision as of 16:14, 1 May 2011
Utility, in the context of economics, is the causal relevance for a good to the remove felt uneasiness. In the context of praxeology, the term is "tantamount to [the] importance attached to a thing on account of the belief that it can remove felt uneasiness."[1] In addition to these notions, there is also the technological notion of objective utility in the sense of a thing being able to bring about a certain effect.
References
- ↑ Ludwig von Mises. VII. Action Within The World, 1. The Law of Marginal Utility, Human Action, online version, referenced 2011-04-30.