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John Womack asks: "Isn't this a circular definition of "utility"? That
"utility" is anything for which a price is paid?"
I'm not sure I said that. I said "...isn't it self-evident that having
paid a price to acquire it [an ostentation or collectible good] there is
utility?" I intended to ask if paying a price for a good isn't evidence
that it has the characteristic of utility for the purchaser. Other
examples of utility might be simply use (picking up a stick from the ground
to aid in walking, no exchange, no price paid) or enjoyment (a smile when
hitting a gold ball with that new titanium club).
Scott Cullen
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