From Mises Wiki, the global repository of classical-liberal thought
Utility, in the context of economics, is the causal relevance for a good for the removal of felt uneasiness. In the context of praxeology, the term is "tantamount to [the] importance attached to a thing on account of the belief that it can remove felt uneasiness." In addition to these notions, there is also the technological notion of objective utility in the sense of a thing being able to bring about a certain effect.
- ↑ Ludwig von Mises. VII. Action Within The World, 1. The Law of Marginal Utility, Human Action, online version, referenced 2011-04-30.