My “Aha-Moment” of Diminishing Return
When Economics (Science) Amplify My Belief in Spiritual Concept
For people who gain an economics background, marginal utilities and diminishing return concept is not an “alien” word. In fact it is a common words. For us (economics scholar), understanding and intellectualizing those two notions help us shaping a formula to maximizing welfare or benefit in any economic activities. For me, it gives a source of validation to amplify my belief regarding an altruism act and the choice to not to choose greediness.
A Little Glance of Knowledge
So what are those words actually? Marginal utilities are the additional satisfaction that one person get after adding up one more product. For example, the satisfaction to consume one bar of chocolate is equal to 2 ❤ (satisfaction) for Miss “A”, if we she consume more and then her satisfaction will increase until it hit a certain point. Assume that, she consume ten bars of chocolate then the satisfaction will diminish. Diminishing return, the sweet soothing taste of chocolate won’t give her any more satisfaction, it is diminishing.
In the case of Miss A, she has limit on less 10 bars of chocolate more than that will make her hate chocolate, it will disgust her. That reasoning of economics is not only help in my economics class but also on real life. We all know about the wisdom to speak about greediness, that we need to be full aware about our consumption, that we do not need that much.
That virtuous study about ethics and live in altruism sometimes makes people roles their eyes as if it’s some of “Whoo whoo” thing, but it is proven and justified by one of social science, economics. Philosopher said, it takes courage to have a step back reasoning about things that happen, because it challenges someone else’s way of thinking. In the case of diminishing return, even businessman oftentimes cast this disciplines away. My hypothesis about that? This kind of people will take advantage about the situation, while they (maybe I used to be one of them) still have a chance until the course of science take it all away.
What I still don’t understand is, why they’re reluctant to adopt it when the fact and science is laid upon them.
Thank you for reading, I hope you get insight from this