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Pastimes : Austrian Economics, a lens on everyday reality
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To: Wildstar who wrote (129)9/17/2002 1:10:24 PM
From: Don Lloyd  Read Replies (2) of 445
 
Wildstar,

I understand that. However, I do not see how "urgency" can be compared across individuals as interpersonal utility cannot be compared. How can you say that one buyer has more urgent subjective demand than another?

This is probably a side issue, but, in any case --

I would say that the potential buyer of plywood who is the last to down rank his highest ranking of the subjective state that includes boarded up windows, as the price of plywood increases from zero, is the one with the most urgent subjective demand.

Note that as soon as someone acquires enough plywood to board up his windows, he may still have a demand for plywood, but presumably with much less urgency. This is the law of diminishing marginal utility.

Regards, Don
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