--- title: "Meaning & Key Takeaway of: Bernoulli's real contribution was to coin…" description: "\"Bernoulli's real contribution was to coin a word. The word has been translated into English as \"utility\". It describes this subjective value people pla..." image: "https://sms4smile.com/quotes/i/acf/william-poundstone-19065_coins_bernoulli-s-real-contribution-was-to-coi_661414.jpg" --- # Bernoulli's real contribution was to coin a word. The word… ![“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.” quote by William Poundstone](https://sms4smile.com/quotes/i/acf/william-poundstone-19065_coins_bernoulli-s-real-contribution-was-to-coi_661414.jpg) [Download](https://sms4smile.com/quotes/i/acf/william-poundstone-19065_coins_bernoulli-s-real-contribution-was-to-coi_661414.jpg) [Open image](https://sms4smile.com/quotes/i/acf/william-poundstone-19065_coins_bernoulli-s-real-contribution-was-to-coi_661414.jpg) > “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.” [William Poundstone](https://sms4smile.com/quotes/author/william-poundstone/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. 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. ★ ★ ★ ★ ★ No ratings yet [Bernoulli](https://sms4smile.com/quotes/about/bernoulli-432223/) [Bernoulli Real](https://sms4smile.com/quotes/about/bernoulli-real-5270582/) [Coins](https://sms4smile.com/quotes/about/coins/) [Contribution](https://sms4smile.com/quotes/about/contribution/) [Contribution Coin](https://sms4smile.com/quotes/about/contribution-coin-5270583/) [Has beens](https://sms4smile.com/quotes/about/has-beens/) [Money](https://sms4smile.com/quotes/about/money/) [People](https://sms4smile.com/quotes/about/people/) [Real](https://sms4smile.com/quotes/about/real/) [Real Contribution](https://sms4smile.com/quotes/about/real-contribution-1385325/) [Subjective](https://sms4smile.com/quotes/about/subjective/) [Subjective Value](https://sms4smile.com/quotes/about/subjective-value-4497647/) [Utility](https://sms4smile.com/quotes/about/utility/) [Value People](https://sms4smile.com/quotes/about/value-people/) [Values](https://sms4smile.com/quotes/about/values/) ## Related quotes > [The Austrian theory of subjective value teaches us that there are many ways to incentivize or motivate or induce someone to commit an action…](https://sms4smile.com/quotes/stephan-kinsella/the-austrian-theory-of-subjective-value-teaches-us-that-there-are/) [Stephan Kinsella](https://sms4smile.com/quotes/author/stephan-kinsella/) > [There is a deep connection between Bernoulli's dictum and John Kelly's 1956 publication. 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Society has conditioned us to value people who fit a secular mold of perfection".”](https://sms4smile.com/quotes/michele-woolley/comparing-yourself-to-others-does-nothing-for-you-society-has/) [Michele Woolley](https://sms4smile.com/quotes/author/michele-woolley/) > [Traditional credentialing really doesn't have a lot of predictive value to if people will be successful.](https://sms4smile.com/quotes/gabe-newell/traditional-credentialing-really-doesn-t-have-a-lot-of-predictive/) [Gabe Newell](https://sms4smile.com/quotes/author/gabe-newell/) > [In every company which I have done strategic planning, the number-one value people choose is always integrity. The second values may be quality of…](https://sms4smile.com/quotes/brian-tracy/in-every-company-which-i-have-done-strategic-planning-the-number-one/) [Brian Tracy](https://sms4smile.com/quotes/author/brian-tracy/) ## More by William Poundstone > [Samuelson spotted a mistake in Bacheliers work. Bachelier's model had failed to consider that stock prices cannot fall below zero.](https://sms4smile.com/quotes/william-poundstone/samuelson-spotted-a-mistake-in-bacheliers-work-bachelier-s-model-had/) [William Poundstone](https://sms4smile.com/quotes/author/william-poundstone/) > [There is a deep connection between Bernoulli's dictum and John Kelly's 1956 publication. It turns out that Kelly's prescription can be restated as this…](https://sms4smile.com/quotes/william-poundstone/there-is-a-deep-connection-between-bernoulli-s-dictum-and-john-kelly/) [William Poundstone](https://sms4smile.com/quotes/author/william-poundstone/) > [“In view of this, it may seem remarkable that anything as complex as a text of Hamlet exists. 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It's the way that smart people are influenced by mere words, by the way the…](https://sms4smile.com/quotes/william-poundstone/the-stumbling-block-isn-t-the-certainty-effect-per-se-it-s-the-way/) [William Poundstone](https://sms4smile.com/quotes/author/william-poundstone/) > [The ultimate compound return rate is acutely sensitive to fat tails.](https://sms4smile.com/quotes/william-poundstone/the-ultimate-compound-return-rate-is-acutely-sensitive-to-fat-tails/) [William Poundstone](https://sms4smile.com/quotes/author/william-poundstone/) > [Your second ducat, like your second million, is never quite as sweet.](https://sms4smile.com/quotes/william-poundstone/your-second-ducat-like-your-second-million-is-never-quite-as-sweet/) [William Poundstone](https://sms4smile.com/quotes/author/william-poundstone/) > [The best paradoxes raise questions about what kinds of contradictions can occur-what species of impossibilities are possible.](https://sms4smile.com/quotes/william-poundstone/the-best-paradoxes-raise-questions-about-what-kinds-of-contradictions/) [William Poundstone](https://sms4smile.com/quotes/author/william-poundstone/) > [The engine driving the Kelly system is the "law of large numbers." In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a…](https://sms4smile.com/quotes/william-poundstone/the-engine-driving-the-kelly-system-is-the-law-of-large-numbers-in-a/) [William Poundstone](https://sms4smile.com/quotes/author/william-poundstone/) [Explore all 33 William Poundstone quotes ](https://sms4smile.com/quotes/author/william-poundstone/) ## More Coins quotes > [Money doesn't spend in hell… The devil deals in a different coin.](https://sms4smile.com/quotes/laurell-k-hamilton/money-doesn-t-spend-in-hell-the-devil-deals-in-a-different-coin/) [Laurell K. 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