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[NOTE: Posted on behalf of Antoin Murphy. -- RBE] 
 
I have an eighteenth century manuscript in a bound volume with the ex 
libris of the eighteenth century philosopher and economist, Andre  
Morellet. The manuscript has the title The Elements of Commerce Delineated  
in Aphorisms. I believe that I can prove that it was written by Joseph  
Massie (author of The Natural Rate of Interest) and it appears to me that  
it was written by him between the late 1750s and early 1760s. The author  
[Massie] uses the term utility five times in this manuscript. Here are  
some citations from it: 
 
"The natural value of a commodity is its utility as a necessary or 
convenience of life." 
 
"The natural value of a commodity for use or consumption, being founded 
upon its natural utility, must be invariable, because that is so, but the 
natural value of anything for production, being founded upon its fertility, 
must be liable to vary, as that is subject to change." 
 
"From hence we may observe, that if gold and silver were not more durable 
than the necessaries and conveniencies of life, it would be better to make 
provision for futurity, in the latter than the former, for money is no 
otherwise valuable, then as it is the means of furnishing us with what we 
want or desire, nor is an equal quantity of it always of the same value to 
those who are possessed of it; where as corn, or any other necessary or 
convenience of life is valuable in itself, and equally so at all times, to 
those who are possessed of it; without regard to the quantities which other 
people may have; for there being more or less corn in a nation, can neither 
diminish nor add to the natural value of a bushel of wheat, because it can 
neither take from, nor add to its utility in supporting life." 
 
"The security of trade depends partly upon the utility of the commodities 
vended in it and partly upon other nations being able or unable to furnish 
the like commodities or such as will answer the same purpose..." 
 
   I have not seen an earlier use of the term utility in an economics 
context by an English writer. Massie did not understand the concept of 
diminishing marginal utility but his introduction of the term utility into 
value theory is striking. The Elements of Commerce Delineated in Aphorisms 
has some sophisticated economic theorising for an eighteenth century 
writer. I hope to publish it over the next year. 
 
Antoin E. Murphy (Dept. of Economics, Trinity College Dublin). 
 
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