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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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