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| Harm of Expansion of Intermediate Utility, and Lessons from 2008 Financial Crisis |
| QIAN Jin |
| Institute of Economics, Chinese Academy of Social Sciences, Beijing, 100836 |
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Abstract As the basic category of economics, utility category is not purely subjective psychological satisfaction of consumers, but objective generalization of the usefulness of goods and services. In the total utility of modern society, it is necessary to clearly distinguish end utility from intermediate utility. In regard to intermediate utility, we should not seek to maximize it, but only to pursue it in moderation. In modern market economy, people's pursuit for capital gains includes not only maximization of end utility, but also expansion of intermediate utility, particularly the expansion of intermediate utility in virtual economy, namely virtual utility. The effect of the expansion of intermediate utility is extremely serious. It is the vast expansion of virtual utility in global capital market that led to the outbreak of the financial crisis sweeping through the world in 2008. Learning lessons from this crisis, we need to explicitly put forward the theory that intermediate utility should be moderately maintained in the basic study of modern economics.
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Received: 25 March 2018
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2018, Vol. 35 
