The Marginal Revolution
Everything Everywhere Daily
00:00
The Importance of Marginal Utility in Economics
Economists rejected labor theory of value and replaced it with the subjective theory of value. Most buyers don't really care or know how much labor goes into the creation of a product, he says. "The choice between water and diamonds isn't between all water and all diamonds," Jevons writes.
Play episode from 05:29
Transcript
