Measurement of Utility
Utility is a Psychological and Personal Concept. There is a deference of opinion, whether measurement of utility can be done or not. Followings are the two approaches are prevalent in this regard.
Marshall definition of Economics was first to challenge Adam Smith definition. Dr. Alfred Marshall (Born. 26 July, 1842, Died 13 July 1924) was the first Economist, who denied the wealth related definitions of Adam Smith, which was in vogue for a long time, in his two books published in 1890 named Principles of Economics and Economics of Industry, and declared them wrong, and defined it as not the study of human welfare. He gave, ‘Man’ the first place and Wealth’ as secondary and clarified that wealth is for man and man is not for wealth. Wealth is not the ‘End’, it is only a ‘Means’ to attain welfare. He presented the definition of Economics in this manner in his book ‘Economics of Industry’.
However Marshall definition was also criticized later by a renowned Professor of ‘London School of Economics’, Prof. Leonel Robbins in his book ‘An Essay of the Nature and Significance of Social Science‘ in 1932.