Monday, September 19, 2011
ANOTHER REASON ECONOMISTS ARE NAIVE
Decades ago I was told that economists use "utils" to measure the value of goods or services to an individual. I've been reading John Gray's study of the philosophy of Isaiah Berlin and was reminded that Berlin argued that some values (goods) are incommensurable, which is to say there is no common yardstick that can be used to compare two or more of them. If true, this would mean that "utils" simply can't measure some goods or services.
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