View Poll Results: Future of U.S. economy

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  • Things are and will get gradually better

    10 41.67%
  • Things will just stagnate the way they are for the most part for some time to come

    3 12.50%
  • Things will get worse before they get better

    6 25.00%
  • Things won't get better we are in for an economic collapse

    5 20.83%
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Thread: State of the economy now and in the future

  1. #51
    Doesn't go below juicy
    tacomancer's Avatar
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    Jan 2010
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    05-20-16 @ 01:42 PM

    Re: State of the economy now and in the future

  2. #52
    Lord Tammerlain's Avatar
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    Jan 2010
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    Today @ 11:15 AM

    Re: State of the economy now and in the future

    Quote Originally Posted by phattonez View Post
    Why differentiate between money and "economic utility?" When we buy something, it is because we value the product more than the money we used to purchase it with.
    Lets say I buy a t bone steak instead of ground beef for a nice meal

    I spend $10 on the steak and $1 on the ground beef

    I greatly enjoy the steak, far more then the ground beef, but has my wealth gone up or down from that purchase and the enjoyment of the steak compared to the ground beef?

    You have to differentiate between economic utility and wealth, because they are different things.

    Wealth is a measure of how much you own, (Measured in which ever economic units you may choose) and is dependant on market rates for those goods.

    Economic utility is a measure of how much you value said goods (or services). They may not bring you wealth ( and generally dont) but can bring you personal happiness. (ie a hundred bucks in the bank or a new DVD. The DVD most likely will bring happiness, but will decrease my wealth the minute I bought it

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