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Is Marshall's Utility a Form of Wealth

Listed author(s):
  • Gopinath VadirajaRao Bangalore

    (No affiliation)

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    Marshall'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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    Paper provided by EconWPA in its series Microeconomics with number 0503002.

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    Length: 8 pages
    Date of creation: 03 Mar 2005
    Handle: RePEc:wpa:wuwpmi:0503002
    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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