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Colleagues:
This discussion continues to puzzle me. Correct me if I am wrong in the
following.
Economics advanced when it was generally admitted that utility was
subjective, that it could only be measured ordinally, that there was no
cardinal measure for utility, and that, therefore interprersonal
comparisons with respect to utility were impossible. In short, there is no
objective standard "util" that can be added up to get a measure of "total
utility".
Robin Neill
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