Diminishing Marginal Utility

The cruel God of being a dick made me not post last night.

As always I had it written on my phone but it didn’t post properly (I scorn the bus WiFi with all my heart) I went to badminton, died a little physically and then proceeded home to cover myself in pizza and spend my night decaying into my sofa, becoming on of the cushions on it (in other news I’ve hit the fated 70kg – I’m not sure how to feel about this new development).

I don’t really mind that I didn’t post yesterday, I know in my heart that I had written something, but that white square on the calender irks me so, and future me will only wail in despair at his younger, foolish self.

Economics teaches us that there’s 3 reasons why demand curves slope downwards from left to right. There’s the Income effect, people will buy more of something if it’s cheaper. Substitution effect, people will buy the cheaper alternative.

Then there’s the last one, no one really accepts it. Generally in an exam they’ll only as for one, honestly it was probably to created just so they could have a trifecta of reasons.

It basically summarises that as consumption of a product increases people are less willing to pay for each additional unit.

Now using my masterful skill of the English language I will explain how this relates to my supreme hypothesis on life.

As you see something more, the more you despise it. Scarce objects are then by virtue coveted.

That’s the way with songs, sure you can love a song at first, but the more you hear it, the more you realise you hate it. Take that song about two summers ago. “Somebody that I used to know” by that strange man Gotye. By the end of the first week I hated it, it was disgusting and lethargic.

On the contrary I had a sudden impulse to listen to “Where Them Girls At?” by David Guetta and the wonderful Queen Nicki. A true masterpiece, I’m currently on my 6th loop of the song and it just seems to be continuously getting better as I listen to it, a true paragon of music, comparative to the finest Mozart or Bach.

There’s some things that you view with such…lust? Only because they are scarce. Things that usually would hold little or no value that seem to be rich and flowing. For years I would covet the idea of a McDonalds Hamburger (we didn’t usually have them, what with asian parents and a stupid fixation with being healthy) but now they seem plentiful and available at any time I detest them.

So that’s the little nugget of knowledge I was trying to find, don’t covet what is rare and scarce, rather choose what is most beneficial and what you need/want most.

 

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