utility
yoo-TIL-uh-tee
/juːˈtɪl.ə.ti/
The state of being useful, profitable, or beneficial; in economics and philosophy, a measure of total satisfaction or well-being.
In formal academic usage, utility is a quantifiable measure of well-being or preference satisfaction.
The story behind the word. From Latin 'utilitas' (usefulness), from 'utilis'. It entered Middle English through Old French 'utilite'. Philosophers and economists adopted it in the 18th century as the baseline metric for human satisfaction.
Word relationships
- usefulness: Usefulness is informal and qualitative, whereas utility in formal contexts is often quantified.
- uselessness: The state of having no practical value or benefit.
Commonly confused with
- futility: Futility means complete pointlessness or uselessness, which is the exact opposite of utility.
Word family
- utilize (verb): To make practical and effective use of
- utilitarian (adjective): Designed for utility or prioritizing usefulness
Collocations
- marginal utility
- expected utility
- maximize utility
- utility function
Example sentences
- "In decision theory, expected utility is calculated by multiplying the value of each outcome by its probability." Decision Theory
Memory hook
UTILity = how USEFUL an outcome is to human happiness. The currency of happiness and welfare.
When not to use
Avoid confusing philosophical/economic 'utility' with a municipal 'public utility' company without setting the context.
Fun facts
- 19th-century economists proposed a theoretical unit called the 'util' to measure happiness, though modern economics relies on ordinal preferences instead.
Related words
Explore more words
marginalism, utilitarianism, utilitarian, payoff, usability, economist
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