3min chapter

In Our Time cover image

Utilitarianism

In Our Time

CHAPTER

The Diminishing Marginal Utility of Material Goods

Bentham is often credited with perceiving the diminishing marginal utility of material goods. He also thought that to take away a good from someone typically harms that person more than to give that same good to someone else if they were at the same level of well-being. Monastor Jones's friend John Stuart Mill says Bentham had said essentially without prejudice, pushpin can be as good as poetry if a person gets as much Pleasure from it.

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