|Book Edition||7th Edition|
Can we accurately compare utility between two people?
Answer: No, we can not accurately compare utility between two people
One of the things we are most sure of in economics is that you can not compare utility, marginal or otherwise, across individuals. This is because Utility is ordinal, not cardinal.Ordinal simply signifies numbers while cardinal is a basic or primary value.Similarly, it is not possible to measure differences in the marginal utility of money across people.