What is it about?
The paper reviews how the concept of utility has changed over time, from being seen as a property of goods, to a subjective feeling of happiness, to a formal tool in economic theory. It also examines newer perspectives such as procedural utility—the value people gain not just from outcomes, but also from how decisions and interactions take place.
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Why is it important?
Understanding utility is crucial for economics because it underpins theories of welfare, policy design, and collective choice. By clarifying different forms of utility—material, hedonic, procedural—the study offers a richer framework for assessing well-being and helps policymakers design fairer and more effective welfare systems.
Perspectives
The study highlights that utility is not a single concept but a plural one, with implications for both theory and practice. It suggests that future research and public policies should consider not only outcomes but also the processes and relationships that shape people’s well-being. This broader view strengthens the justification for redistributive policies and for institutions that enhance both material security and social recognition.
Prof. Giacomo Di Foggia
Universita degli Studi di Milano-Bicocca
Read the Original
This page is a summary of: Evolution and Theoretical Implications of the Utility Concept, Economies, September 2025, MDPI AG,
DOI: 10.3390/economies13100283.
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