AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
3min chapter
#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
What's the Difference Between Utility and Marginal Utility?
In the classical school of thought, which when marks comes from utility is effectively objective. In neoclassical point of view, it's how comfortable it makes you feel. And therefore, working out a ratio involves you've got to decline in your each time you give away a chair in exchange for a iPhone. You have a fall in your utility. Okay. Then therefore, you want a higher return because you're losing more utility each time. The more chairs you give away, the less utility you're getting from chairs. That's your marginal utility. So, it's including your subjective valuation in setting the price. Marx used that to explain where profit comes from, but he made a mistake
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode