When you have one last bottle of water in an endless desert, or when you are about getting drown, what water means.
Many people stick to the practice of ‘an apple a day keeps the doctors away’. Some may even have two. After 3 or 4, there would be hardly anyone care for more and its value reduces to nothing. Many rich people spring into euphoria when they make their first million. Many more, after making 100 millions remain equally enthusiastic about making more millions.
When people, the world over, awaken by the French revolution and oblige the birth right of Equality to life, the quality of life rises. The industrial revolution certainly helps with the supply side while the american psyche of ‘pursuit of happiness’ completes the demand side of the equation. and voila! the world of consumption is born.
We all have a few pairs of shoes, may be ten. How about a hundred pairs? will we stop buying more. Back in the 60’s, my parent bought a pair of rubber shoes (all purpose, the only kind available on the market) because the existing pair was already fully depleted, or worn out. So, I had a new pair, but didn’t want to start the new pair just yet. I repaired the old pair using my childhood ingenuity. I did a couple of cardboard cutouts for the sole. Voila! I can extend my possession of the new pair a little longer until I start using it. My new pair of all-purpose rubber shoes delivered extremely high marginal utility.
Time moves on and fast. Nowaday, people don’t wait for needs in order to buy. people found new reasons. Human’s senses have expanded. there are serious considerations too. one such consideration is call ‘instant gratification’. They don’t need any consideration when they use this consideration.
I am worried. Since Adam Smith’s invention of the thought of ‘wealth’ and the subsequent evolution of economic thoughts and theories, less and less people employ rational consideration, more and more people enjoy the ‘consideration’ of no consideration in their life. And marginal utility depart from people’s life.
Marginal utility may not see the end of its life. Getting to zero is running its course of life in a natural way, which is a no no way in this state of world. Marginal utility may well destined to be a rare species. I just hope that people won’t render it into an endangered species like we did to so many other species.