Reblog for liberty
Economists hold an important piece of wisdom that needs sharing: noble acts don’t occur in a vacuum. Mundane acts derive moral worth through their support of heroic acts. Even if they aren’t praised as heroes, everyone who is being productive should feel warm and fuzzy inside for their contributions.
Let’s put this bit of knowledge together with the “equimarginal principle” (EP). EP is an outcome of the intuitive idea of the Law of Diminishing Marginal Return: if you keep doing more of something, each extra bit yields smaller benefits. First slice of pizza: great. Second slice: good. Third slice: meh. Fourth slice: regret. EP gives us a rule to improve our life: cut back on pizza and drink more beer. Balance your choices so that the marginal net benefit is equal across all avenues. If it’s not, then cut back on those choices that yield relatively low benefit and do…
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