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>Utility is a unit of accounting that works much better than money. It's actually called a "utility function"[...] That is just a sometimes useful abstraction
by iwwr 11y ago
>Utility is a unit of accounting that works much better than money. It's actually called a "utility function"[...]
That is just a sometimes useful abstraction and money does allow for quantizations of value. But utility is a broader idea. It means 'subjective value' and can differ from person to person, time and circumstances.
There is no unit of value, there are only personal preferences and those preferences can be comparable, but not necessarily quantifiable. How many 'utils' of value do you gain if you exchange $3 for a sandwich when hungry?