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>Utility and value might be defined by self referencing each other but that's true for many other concepts or words in a language for that matter Precisely. Li
by pydry 2y ago
>Utility and value might be defined by self referencing each other but that's true for many other concepts or words in a language for that matter
Precisely. Like when a priest says that "love" is "god" and "god" is "love".
Plenty of our language is deeply unscientific.
- bluecalm 2y agoIt's not like that at all. If you want to argue that one can't define value then I am out. If you admit "value" has well understood meaning then utility function of wealth is just how much value one can derive from it. We usually measure wealth in money for convenience. I really don't know why you are so against it. There might be a lot of nonsense associate with it but the concept itself is pretty simple and useful.