Coins Quote by William Poundstone
“Bernoulli's real contribution was to coin a word. The word has been translated into English as "utility". It describes this subjective value people place on money.”
About This Quote
Source Book: The Good Book of Money, 2003
Utility is a subjective measure of personal value placed on money, coined by Bernoulli.
In simple terms: Utility reflects personal value of money.
Key Takeaway
Consider personal utility, not just price.
Themes
economics
subjectivity
value perception
Mood
analytical
thoughtful
Type
educational
philosophical
When to use this quote
- Budget planning
- investment choices
- pricing strategies
Key Concepts
Utility theory
behavioral economics
decision making
Questions to Reflect On
- How do you assess your own utility?
- What influences your monetary preferences?
A Different Perspective
Utility varies across cultures and contexts.
