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Ofelimità and Its Impact in Economy and Society

Author

Listed:
  • Alexandru Trifu

    (Professor Ph. D., "Petre Andrei" University of Iasi, Romania)

Abstract

The concept was introduced by Vilfredo F. D. Pareto, a leading representative of the Lausanne School of Economic thought. Ophelimity comes from Greek, meaning something useful, advantageous for people. And in these challenging and bad days, it is a good landmark to refer to. The term is the expression of the ordinal preference-ranking indicator of the utility. That is, the setting of preferences in a certain order and the purchase of the goods/services depending on the intensity and urgency of the needs, now and on short-run. Therefore, using a survey of the literature in the field, we can deduce the tendencies of the human life and social-economic activities on short-run and, even, on medium-run, altogether with the elements of the Maslow Hierarchy Needs. The term utility of goods and services, even ophelimity is necessary towards regaining the basic needs of people and the re-birth of economies and of social life.

Suggested Citation

  • Alexandru Trifu, 2020. "Ofelimità and Its Impact in Economy and Society," Anuarul Universitatii „Petre Andrei” din Iasi / Year-Book „Petre Andrei” University from Iasi, Fascicula: Drept, Stiinte Economice, Stiinte Politice / Fascicle: Law, Economic Sciences, Political Scien, Editura Lumen, Department of Economics, vol. 26, pages 227-233, December.
    • Handle: RePEc:lum:rev11d:v:26:y:2020:i::p:227-233
    DOI: https://doi.org/10.18662/upalaw/61
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    References listed on IDEAS

    as
    1. Daniel Kahneman & Peter P. Wakker & Rakesh Sarin, 1997. "Back to Bentham? Explorations of Experienced Utility," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(2), pages 375-406.
    2. White,Lawrence H., 2012. "The Clash of Economic Ideas," Cambridge Books, Cambridge University Press, number 9781107012424, January.
    3. Aldo Montesano, 2006. "The Paretian Theory of Ophelimity in Closed and Open Cycles," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 14(3), pages 77-100.
    4. Read, Daniel, 2004. "Utility theory from Jeremy Bentham to Daniel Kahneman," LSE Research Online Documents on Economics 22750, London School of Economics and Political Science, LSE Library.
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    JEL classification:

    • K1 - Law and Economics - - Basic Areas of Law
    • K2 - Law and Economics - - Regulation and Business Law
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior

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