What makes something worth it?

When we make decisions, humans generally choose whatever gives the most benefit to us. This type of decision making is referred to by economists as “rational thought”, and is a part of something called Rational Choice Theory. Rational Choice Theory is an economic school of thought based around the assumption that humans will, through analysis of a situation, choose the decision that achieves the most favorable outcome for them. Rational Choice Theory has been under fire recently, its shortfalls, namely the existence of human emotion and a human tendency for irrationality, have become more and more prevalent in our world. A fundamental belief in standard economics is the invisible hand, the force that moves markets through rational decision making by both consumers and suppliers. Dan Ariely’s piece in the Harvard Business Review presents a shift in thinking post-2008 recession. 

Economists refer to the amount of happiness or satisfaction derived from the consumption of a product as utility, measured in its own unit, utils. 

I believe that not only should we measure utils with regard to consumed products, but also

Ariely, Dan. “The End of Rational Economics.” Harvard Business Review, Harvard Business Review, July 2009, hbr.org/2009/07/the-end-of-rational-economics.