ABSTRACT
Goods and services which satisfy an economic want are said to have “ utility/' The word “ utility ” is used instead of 14 useful," because “ useful ” in ordinary language is rather opposed to ornamental. But every commodity which satisfies a want is said to have utility, even if that want is desire for ornament or indulgence in rich food. Diamonds and patk de foie gras have utility. The word implies no moral judgment; the most extreme teetotaler if he were also a trained economist would admit that in the language of economics alcohol had utility. Now a particular article may have no utility because no one desires that kind of article at all. For instance, if we all adopted the Japanese custom of sitting on the floor, a chair as such, would have no utility. Owing to inven tions and changes in fashion, commodities are constantly acquiring or losing utility. And this brings out the fact that utility is in no sense intrinsic ; an article may remain physically the same according to any of the ordinary tests of shape, weight and colour, and yet have lost the utility which it formerly possessed owing to the changed circum stances or opinions of humanity.
