Question

If I have an apple and you have an apple and we both exchange we both still have one apple. But if I have an idea and you have an idea and we both exchange we have 2 ideas. Obviously the exchange of information is different from exchange of apples. For apples we have supply demand curves. Does utilitarianism not get challenged by the assumption all goods can be tied to a currency? How do economists handle this?

Answer 1

Utilitarianism is challenged by the assumption that all goods can be tied to a currency. Economists recognize that not all goods can be measured in monetary terms and may use alternative metrics or models to evaluate the value of intangible goods.

Step-by-step explanation:

Utilitarianism, which is the belief that the greatest good for the greatest number of people should be the guiding ethical principle, is often challenged when it comes to the assumption that all goods can be tied to a currency. This challenge arises because some goods, such as ideas or information, cannot be easily quantified or exchanged using a traditional currency system. Economists handle this by recognizing that not all goods and services can be measured in monetary terms and that the value of certain intangible goods, like ideas, may be more difficult to determine. Instead, they may use alternative metrics or models, such as measuring the impact or value of ideas based on their usefulness or impact on society.