Re: Marginal Utility
False. First, I cannot find any article written by George Reisman on the Heritage Foundation website. But I understand you are using Heritage Foundation as an insult. Second, the excerpt by George Reisman was describing the diminishing marginal utility of goods AND the unlimited need for wealth. And again, when are you going to attempt to explain how the Reisman quote supports your regressive Progressive tax policy?
Originally Posted by goober
:rolleyes: False. The experience of lighting your cigar with a $100 bill costs $100 dollars. If he was satisfied and enjoyed that experience then the utility value of his $100 dollars did not diminish.
His example was that the $100 bill, which to a person of modest means represents a sizable chunk of utility, represents the utility of a match to the millionaire in the story.
That is not an example of the marginal utility of money holding constant, that is an example of the diminished utility of a $100 bill(which is money).
“If you’ve got a business -- you didn’t build that. Somebody else made that happen.” -- Obama