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"Marginal Utility" and "Your Feeling of Fatigue"

450 views. 2021-9-17 08:15 |Individual Classification:Fun Sharing


This Blog has also been published on www.heavenartery.com

It has been a really long time that I haven’t post anything here, since last year or last couple of years are too busy for me. The good news is that I will try my best to write something and share it here in order to keep kind of impressive memory in my life.

Recently, I watched a speech talking about the law of diminishing marginal utility. Serves as one of the most important laws in economics, the definition of utility is assorted of satisfaction feelings, while the law of diminishing marginal utility is not so complicated, it could be easily explained as the decrease in satisfaction with one more unit of consumption. 

For instance, when you are thirsty, to drink one bottle of water makes you comfortable, but the second bottle of water may make you vomit, in this sense, the marginal utility grows up when you are drinking the first bottle of water, but suddenly decreases when it comes to the second one, and thus it could be explained by the law of diminishing marginal utility.

Based on the definition of the law of diminishing marginal utility, it could be applied to almost all the situations in our daily life. For example, when there is someone who offers you free cash, in this case, more cash is related with higher satisfactory in the first phase, but there must be a break point that you are less satisfactory of one unit increase of free cash compared with one unit increase of free cash before this one, whereas the break point variates significantly amongst different people.

However, in my opinion, I don’t think that there is a break point of the marginal utility in some cases, or the marginal utility might not drops in some circumstance if we treat things from psychological dimension rather than economic counterpart. For example, we spend more time to do some work compared with others for self-achievement, in this case, the more time you worked, the closer to success, and thus more satisfaction you got, or more utility you have.

Of course, there might be someone argues that the above example still could be explained by the law of diminishing marginal utility. The work efficiency descends dramatically when you work too much time, and thus the unit of satisfaction might lost to some extent due to the decrease of the distance to success with one more unit of working hour. It might be right. However, it’s too difficult to measure the extent of such decrease in satisfaction since to be more successful is completely different with to drink one more bottle of water, in some cases, even if a slightly progress that you made at this time might make you even one unit more satisfactory.

To sum up, the above case might be more associated with psychology than economics, but in this respect, the law of diminishing marginal utility could offer us more help. For instance, when we work overtime, we could consider that one more minute of working overtime makes us less painful or less exhausted. It of course just self-comfort, but don’t you think that what we need is such kind of self-comfort in daily life?

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