#19 – Logan Chipkin: Understanding Economics
Arjun Khemani Podcast
The Law of Diminishing Marginal Utility
In many contexts, when people aim to acquire diamonds, they already have their water once satisfied. They're willing to pay more for the next unit of diamonds than the next units of water. So that is what we mean by marginal utility. It should be noted that the classical economists knew about the diamond water paradox and struggled mightily to solve it.
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