Heavy Lifting - thoughts and web finds by an economist
     I also contribute to Division of Labour Load HL's Front Page
Friday, June 04, 2004

Learn something every day...

From this year's National Spelling Bee, young Nicholas Truelson correctly spelled OPHELIMITY, which means "economic satisfaction" or what economists today call "utility." I am sure there was a struggle in the field over which term would prevail, and I am also sure that undergraduate economics students are happy that "utility" carried the day.

I did find ophelimity mentioned in one of my notebooks from graduate school. From the esteemed Vilfredo Pareto,
"We will say that the members of a collectivity enjoy maximium ophelimity in a certain position when it is impossible to find a way of moving from that position very slightly in such a manner that the ophelimity enjoyed by each of the individuals of that collectivity increases or decreases. That is to say, any small displacement in departing from that position necessarily has the effect of increasing the ophelimity which certain individuals enjoy, and decreasing that which others enjoy, of being agreeable to some, and disagreeable to others."

(V. Pareto (1906), Manual of Political Economy, 1971 translation of 1927 edition, New York: Augustus M. Kelley, p.261).

Comments: Post a Comment


Le Chai - galerie du vin



Posts that contain Craig Depken per day for the last 90 days.


Heavy Lifting's Main Page
Email Me
Atom Feed

Heavy Lifting

Great Links

Money I Found Today

Heavy Lifting - Firehose style (56k warning)

Recent Posts

- Learn something every day...



Site Meter Blogroll Me!


Modified maystar design
powered by blogger