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According to the CBO, we are in for a rough time over the next few years
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State of the economy now and in the future
- Thread starter EnigmaO01
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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