It has been a couple or more decades since I had to deal with this old chestnut. It is difficult to remember constantly that Pravin is very much younger and is quite capable of challenging my memory with such ideas like coming up with this topic for this week’s LBC post.
Just to make it simple for my readers not exposed to such ideas in Economics, let me illustrate to understand the concept. Please click on the image for a larger resolution.
Fairly simple. There is only one case where it does not work and that is in the case of addiction to alcohol, drugs etc. Which is a subject deserving a totally new blog post altogether.
While I eagerly look forward to what Pravin and the other LBC bloggers come up with, I just want to express a puzzle and leave my readers to come up with the answers.
If the concept of Marginal Utility is true, why do some societies have polygamy or polyandry? Does the theory not work there? I don’t know. I was a monogamist and now more or less a sanyasi. I am not personally acquainted with any polygamist or polyandrist and so cannot ask one.
And just as I was about to end this post, I came across this remarkable piece of news which stumps me even more on the aspect of marginal utility only for this polyamorous union. Now, I have seen and heard enough.