Measurability of Utility: Cardinal and Ordinal
In this article we will discuss about the cardinal and ordinal measurability of utility. Cardinal Measurability of Utility: Some economists are of the opinion that utility can be measured in cardinal units. For example, Sir Alfred Marshall (1842-1924), the noted neoclassical economist, said that utility can be measured cardinally in terms of money. Money is the measuring rod of utility. [...]