Is Marshall's Utility a Form of Wealth
AbstractMarshall's Utility which is nothing but need or usefulness satisfies the requirements of wealth. It can be expressed in units of wealth. It can be changed into other forms of wealth. It also moves from higher concentration to lower concentration. Like water in chemistry, this utility is a universal solvent in economics in which all other forms of wealth dissolve. This utility is made up of two components; A)goods and services that are otherwise called WANTS and B)money and money related wealth forms that are called MEANS. Utility complex of any economic system say, individual, family, state, nation, business entity, association etc., tries to attain equilibrium between these two components of wealth. True equilibrium is a rare phenomenon. As one approaches the true equilibrium state one gets more active economically. Deficit budgetting helps a nation approach equilibrium state and there by increases economic activity.
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Bibliographic InfoPaper provided by EconWPA in its series Microeconomics with number 0503002.
Length: 8 pages
Date of creation: 03 Mar 2005
Date of revision:
Note: Type of Document - doc; pages: 8. Human behavior, economics and chemistry are inter-related. the basic principles are common to all.
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equilibrium; utility; law of conservation;
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- E - Macroeconomics and Monetary Economics
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