economic utility

USAGE SUMMARY

The phrase "economic utility" is correct and usable in written English.
You can use it to refer to the usefulness or value of a good or service in terms of its contribution to an economy. For example, "The economic utility of renewable energy sources is becoming increasingly apparent."

✓ Grammatically correct

Science

News & Media

Formal & Business

Human-verified examples from authoritative sources

Exact Expressions

59 human-written examples

By "utility", we mean "economic utility" (as it is defined in Economics) rather than "homeostatic utility".

eLife

Recent designs using concepts and behavioral tools from experimental economics allow to formally characterize the subjective value signal as economic utility and thus to establish a neuronal value function.

Current Opinion in Behavioral Sciences

Economic utility to whom?

The New Yorker

The romantic concept of a partnership based on love rather than economic utility came later.

The New York Times

Releases of dopamine, the brain's pleasure chemical, may indicate economic utility or value, they say.

The Economist

The paper presents a systematic multicriteria process synthesis approach for designing sustainable and economic utility systems.

Computer Aided Chemical Engineering

And, as careers progress, will there not be an economic utility in both partners working less than full time?

The Guardian

Yet legislators expunged that right when its moral repugnance (and decreasing economic utility) caused widespread public concern.

The New York Times

They've delighted in debunking the notion of homo economicus, that theoretical creature who rationally seeks maximum economic utility.

The New York Times - Science

Yet the guilds' exclusivity, conservatism, monopolistic practices, and selective entrance policies eventually began to erode their economic utility.

Encyclopedia Britannica

Human-verified similar examples from authoritative sources

Similar Expressions

1 human-written examples

Economically valuable (a just and sustainable economic-utility basis for different land-uses).

City, Territory and Architecture

Expert writing Tips

Best practice

When discussing the broader societal impact of a product or service, use "economic utility" to underscore its value beyond mere profit, focusing on its contribution to overall economic well-being.

Common error

Avoid using "economic utility" to describe the general usefulness of something in daily life. The term specifically refers to the economic value or benefit a product or service provides within a broader economic system, not just its practical application.

Linguistic Context

The phrase "economic utility" functions primarily as a noun phrase, serving to name and categorize the usefulness or value of goods, services, or activities in economic terms. As Ludwig AI confirms, it is a valid and frequently used expression in diverse contexts.

Expression frequency: Very common

Frequent in

Science

51%

News & Media

39%

Academia

5%

Less common in

Encyclopedias

2%

Wiki

1%

Formal & Business

1%

Ludwig's WRAP-UP

In summary, "economic utility" is a widely used noun phrase that refers to the value or usefulness of something in economic terms. Ludwig AI confirms its correct and frequent usage across various contexts, particularly in science, news, and academia. While grammatically sound, it's important to differentiate "economic utility" from general usefulness and to use it accurately in discussions involving economic analysis and impact. Alternatives such as "economic value" and "economic benefit" can be used depending on the specific nuance required. Therefore, understanding and applying "economic utility" correctly enhances clarity and precision in economic discussions.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

economic value

Focuses more on the monetary worth or importance.

economic benefit

Emphasizes the advantage gained in economic terms.

economic advantage

Highlights a superior position or condition achieved economically.

economic efficiency

Refers to how well resources are used to produce desired outputs.

economic productivity

Focuses on the rate at which goods or services are produced.

economic viability

Indicates the ability of something to be economically successful or sustainable.

economic effectiveness

Emphasizes how successful something is in achieving its economic goals.

monetary benefit

Highlights the financial gain derived from something.

fiscal value

Relates to the value in terms of government revenue or public finance.

commercial utility

Focuses on the usefulness of something in a business or trade context.

FAQs

How is "economic utility" measured?

"Economic utility" is often measured by observed choices and preferences, typically through market analysis, surveys, or econometric models, which assess the value consumers place on goods or services.

What's the difference between "economic utility" and "social utility"?

"Economic utility" refers to the value of a good or service in economic terms, while "social utility" encompasses the broader benefits to society, including non-monetary aspects like community well-being and environmental sustainability.

Can "economic utility" be negative?

Yes, "economic utility" can be negative if the costs associated with a good or service outweigh its benefits, leading to economic losses or decreased overall welfare. For example, a product with high environmental costs might have negative "economic utility" despite its immediate benefits.

What are some examples of items with high "economic utility"?

Examples of items with high "economic utility" include essential goods like food and medicine, infrastructure projects like roads and bridges, and technologies that significantly boost productivity, such as computers and the Internet.