Tags » Marginal Utility

The Concept of Marginal Utility is Overrated

In my last blog post, I examined what I called the “flaw of marginal cost.” I used the famous example of the price differences between diamonds and water to explain why pricing an item based on its abundance and ease of availability may not be ideal. 858 more words

The Real Problem with Inequality

Lots of people who talk about economic inequality will often list reasons why inequality is bad. Inequality causes crime. Inequality causes bad health outcomes. Inequality could lead to a revolution. 387 more words

Politics

Understanding "utility" in Economics

In Economics, utility is an abstract concept that explains how consumers (both individuals and markets) hope to get the maximum satisfaction when dealing with scarcity of goods and services. 213 more words

Economic Theory

50 Shades of Marginal Utility

Marginal utility is an economics term that means the gain from the increase, or loss from a decrease in the consumption of that good or service.  565 more words

The Marginal utility of Love

The More,
I have of you,
The Less,
I want of you.

Is the US a Top Terrorist State? A Response to Noam Chomsky.

Noam Chomsky may pay lip service to anarchy, but he is a social democrat in favor of some form of statism, and when a statist attempts to designate certain states as “terroristic” they will inevitably fall into contradiction. 593 more words

Politics