Utility

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 is can remove felt uneasiness."^[1] In addition to these notions of utility there is 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.

This article is a stub. You can help Mises Wiki by expanding it.

[humanaction_ch7sec1-1] Ludwig von Mises. VII. Action Within The World, 1. The Law of Marginal Utility, Human Action, online version, referenced 2011-04-30.

[1]