Thursday, December 22, 2005

Marginal Utility

I can see all those with a fair knowledge of economics arch their eyebrows upward :).. to confess,i dont know it in depth... all i remember is the 'orange' example... and so (for the benefit of those who dont know the theorem) here goes, the satisfaction you gain by eating oranges decreases with each orange that you eat... and orange was only an example (for those who dont like oranges, and those who dont eat more than an orange at a time, i dont think you were considered while formulating the theory)... well, now since everyone is on the same page, the reason for the reference is to do with happiness... does the law of diminishing marginal utility apply to happiness..
i faintly remember the prof saying that it was only applicable to (thats when i slept off..)....and so, i will humor my thought... even though happiness can come through different sources -listening to good music, an appreciative comment, good food, pay hike, doing a good deed, landing a good job, a good spouse and so on and so forth, could it be that our chances of deriving happiness out of something- anything, could be decreasing.. if not chances, at least the amount of happiness that we derive...
if we keeping getting all the things that make us happy, maybe we start failing to appreciate them, which is perhaps what is happening to us right now... with so much of currency floating around, EMIs and credit card swipes may have changed the way we look at happiness, and made 'happiness' more easy, to the extent that even happiness is commoditised... maybe thats exactly whats wrong...
until next time, laws are meant to be broken...

16 comments:

Hyde said...

Will the Law Of Diminishing Marginal Utility become your Chakravyuh? :->

Deez said...

that when one need to "spice up life" and take a break.........

Prerona said...

"if we keeping getting all the things that make us happy" speak for urself manu! everyone's not getting ...

Hyde said...

Manu is being hypothetical. What if we all become so very happy...

It is better to be prepared you see.

Anjali said...

:)
If I may throw some psychological fundas at you in response to your economics gyan, apparently what you say has a fairly strong basis in human adaptive ability. We adapt very quickly to our levels of happiness or unhappiness - which means that we soon get back to the state that we were in before the events that made us happy (or unhappy) occurred.

Which means that we are only as happy as our own 'nature' allows us to be, irrespective of what may happen externally.

Is that good or bad, do you suppose?

humy said...

hey manu i differ from your view. i dont think you will get all the things that makes you happy. even if you get it you will fail to appreciate the value of happiness. i think it is only when you get unhappy with some thing that there is a eagerness to look out for some thing that gives you happiness. i feel victory and happiness is in retreat. only when you accept defeat that you will realise the value of victory. its the same with happinesss.
any ways you have a wonderfull blog out here. Congradulations.

Stone said...

the moment one realizes he is happy, he no longer remains!!

GratisGab said...

Maybe the new definition of happiness will be actually having a lot of savings in your account! Oh if it was fashionable to live-it-up after retirement! :)

Demi Goddezz said...

human nature to take things for granted...even life ..:)well written

Arunima said...

umm laws and rules are made to be broken.

Give me lots of money anyday.

manuscrypts said...

hyde: .. and so one must know how to get out..

deez: and over a period of time, the law will affect that too ?

manuscrypts said...

prero: technically, if theres one more person sharing this line of thought, i can write 'we'.. :).. and notice the 'if' in 'if we keep getting...'

and :) at hyde

manuscrypts said...

anjali: firstly i resent the usage 'economic gyan'.. :).. meanwhile lemme see if that insight applies to me, but i have this feeling that it will take away the sense of being unique..

humy: but thats exactly what i am saying. the more happy you become, the less happiness you derive from the things that make you happy..

manuscrypts said...

stone: ooh, profound, i say :)

gabby: yup, possibly one of the things..

manuscrypts said...

demi goddezz: yes, unfortunately..

arunima: tch tch.. :)

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