ABSTRACT
Utilitarianism has long been the philosophy of choice for economists and utility their favourite tool. Utilitarianism lurked in the background of classical economics and utility, the tool, came to the foreground in neo-classical economics. Utility, the tool, has persisted and, it may be argued, is more widely used than ever. Utilitarianism, as the default philosophy of economics, reached its high point with Mill, Sidgwick and Pigou but subsequently fell into a decline. Since then, however, there has been something of a revival in its fortunes.
