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Bending Over Backwards Libertarianmonarchy.com I’m constantly bending over backwards explaining to the Keynesians how clueless they are but a particular fallacy that spans beyond Keynesianism is the backward bending supply curve of labor. Conventional economics states that in most industries as...
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I'm having trouble interpreting this chart and the explanation for ranking 3Y higher than 4X on his value scale. To me, it looks like he ranked them the same. (OMG, ghosts of the indifference curve from my college Econ.) I'm wondering if this is a misprint, since the line below has no rankings...
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These are the valuations of the individual units of A, F and T, not as "classes of goods." The only place an additional A could go is below T, and since that is below F in the scale of preferences it would have to be valued less than the additional F. I understand this interpretation of value...
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"But computation demands units. And there can be no unit of subjective use-value of commodities. Marginal utility provides no unit of value. the worth of two units of a given commodity is not twice as great as one--although it is necessarily greater or smaller than one. Judgments of value do not...
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[quote user="Justin D"] Q from a person on a different forum. "A consumer who consumes just 2 goods, likes each as long as he does not have too much of it. Once the quantities of each exceed certain amounts, he starts to dislike each. Furthermore, the preferences of this consumer are convex...
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[quote user="uhayile"] On wikipedia they also claim it is possible to have a second good have greater marginal utility that the first as a result of a tipping point (each additional blanket only provides warmth, until the nth one that allows one to make an escape rope, or a second ticket that...
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[quote user="nirgrahamUK"] they are counterfeits if the say the are the deeds to gold in the vault, and there is no such gold. [quote user="GilesStratton"] in any case, if the demand for the bodies of dead innocents increases, I don't see why there can't be a consequent increase...