What can the law of diminishing marginal utility teach us?

posted by
February 13, 2011
Ludwig von Mises Institute
by Thorsten Polleit  
Posted in Commentary

"The law of diminishing marginal utility is at the heart of the explanation of numerous economic phenomena, including time preference and the value of goods; and it also plays a crucial role in showing that socialism is economically and ethically inferior to capitalism. The law of diminishing marginal utility, as developed by Carl Menger (1840–1921), is axiomatic in nature; that is, it is irrefutably true." (02/11/10)

http://tinyurl.com/4n5fe8j  

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