Ophelimity

Ophelimity is an economic concept introduced by Vilfredo Pareto as a measure of purely economic satisfaction, so he could use the already well-established term utility as a measure of a more broadly based satisfaction encompassing other dimensions as well, such as the ethical, moral, religious, and political.[1] As such, it corresponds to the sense in which utility is often used in economic calculations. Irving Fisher proposed replacing ophelimity (and thus utility as it is commonly construed) with the term wantability.[2]

See also

  • Autotelic, another term for whether a thing has useful contingency (purpose through specific utility) or is an ends with purpose unto itself.

References

  1. ↑ Tarascio, Vincent J. (1969-01-02). "Paretian Welfare Theory: Some Neglected Aspects". The Journal of Political Economy. 77 (1): 1–20. doi:10.1086/259490. JSTOR 1829062.
  2. ↑ Thoma, Mark (2008-03-23). "Ophelimity vs. Wantability". Retrieved 2011-05-20.
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