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Human Action: A Treatise on Economics Part 1

Mises Audio Books Podcast

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The Utility of a Compound

It is permissible to call the smallest quantity which can be the object of such a decision a unit. What counts always and alone in valuing a compound of several units is the utility of this compound as a whole. There are no arithmetical processes involved, neither adding nor multiplying. For praciology, the term utility is tantamount to importance attached to a thing on account of the belief it can remove uneasiness.

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