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You can't talk about the declining marginal utility of consumption without making this utility partly a subjective measure of gratification, for instance.

I agree.  Bernoulli himself said:

"There is no doubt that a gain of one thousand ducats is more significant to the pauper than to a rich man though both gain the same amount."

And Gabriel Cramer, a few years before Bernoulli, refers to the role of "good sense":

"the mathematicians estimate money in proportion to its quantity, and men of good sense in proportion to the usage that they may make of it."


Truth unfolds in time through a communal process.
by marco on Fri Oct 20th, 2006 at 10:49:18 AM EST
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