Nature of Competition: A Theory of Utility
While we are on Earth up to 125 years, we by creation shall subsist and reproduce. We need energy, nutrition, protection and spirit for maintenance of the human asset which is to be used for such purposes. In addition, we want a better future and accordingly want to grow the human asset as much more. For all those purposes, what we physically take in is called the good and we psychologically do the service . In economics, we sometimes use the term “product” collectively to mean the good and the service: the former tangible and the latter intangible; production and consumption of the former are separated, but not of the latter. To be precise, we do not buy into the product per se, but its utility value rendered to us. We in economics call such value of material “utility” (M ∙ U, where M for mass , U for value of utility ). Here, ...