Some thoughts on the diminishing utility of wealth

Yesterday, I found this fascinating little article on The Law of Diminishing Marginal Utility. The concept is simple: the utility you get from consuming one unit of product diminishes with each unit consumed. This concept explains a few things for me that had puzzled me before and I’d like to share them with you.

First, let’s start with this video. It is most instructive and shows just how incredibly lopsided our economy is in favor of the very, very wealthy. A very small fraction of our population owns the vast majority of wealth, and they…