From Cambridge to Eternity: “Potentiality to Actuality”
Utility and Value. In economic life, “value” means the utility to be appreciated at consumption; such utility (M ∙ U in dimensions) is the energy that keeps us living on. In the public life, utility is measured with the legal tender (U ∙ m, “m” for legal numeraire). More specifically, the market price (U ∙ m) is the proxy of utility and value (M ∙ U) of the object traded, expectedly, virtually or practically. The Asset. The stock of asset represents the penitential to become a creative power when hired and “animated.” In other words, the stock stands still until employment. Only those units up to the job has the actual creative power. There are two arch-categories of assets, namely, human and physical. The land was originally a “natural” endowment but is in modern times not different at all from the “capital stock” ( K in macroeconomics) as tradable asset. ...