Thorstein Veblen on Marginal Utility

Marginal-utility economics have limitations bearing a sharp characteristic. The whole enterprise so happens, to be a theoretical field of distribution. It is quite a phenomena that consumption has been noted to be linked to pecuniary distribution of consumption goods. With much research that has been previously done, this theory has no relation to movement of any kind. The chain of cause and effect seems to constantly end up involved in the habitual activity of mankind where the individual has to balance pleasure and pain. In a study I have previously read by Professor Schmoller’s method and animus in handling a modern economic problem, I have concurred a business enterprise is in the main outgrowth of commercial activity, as well as it has recalled the commercial spirit in the current day. It is a difficult task to directly explain the growth and change, which happens to take place in the real economy. I get very frustrated when people assume economic behavior is just rational hedonism. That theory essential is missing crucial role of intangible cultural institutions brought forth on consumers. That will then lead the consumers to a false sense of behavior in relation to each other, and modifies the initial behavior. Many ideas I happened to stumble across in regards to marginal utility are similar to the theories presented in the 2014 modern economy. Todays marginal utility deals with the ideas I valued along with the satisfaction acquired by a consumption of a specific good or service. Now the concept of diminishing marginal utility is not a term I am quite familiar with. Many economists today seem to follow Alfred Marshall more than I did at the time. I was a great supporter of Schmoller’s method, and believed in his practices. Many studies of today include addiction prompting us to a likeliness to consume more of a matter.  I do agree with many modern economists in regards to utility being more psychological, as where I said much is theoretical. All retrospect’s and subtopics of the psychological phenomena has been documented, such as music food and political opinions. Those topics are more likely to stimulate positive feelings amongst the mind. Studies have since proven Marshalls optimism theories were greatly flawed. The satisfaction of the consumer is key in the consumerism of a product or good. The modern studies show that in art, different emotions are stirred from different pieces. With art it is hard to tell how much work an artist is going to sell because each purchaser is a bit different. I personally believe marginal utility to be a tricky subject, relating heavily on psychology. A persons happiness is well dependent on the individual want and need. The tendencies amongst many peoples happens to be buying goods consumers need compared to goods of higher value. Every day commodities such as bread and water are increased marginal utility compared to diamonds and luxuries. As I have proven there is a limited range or material, it is a topic worth discussing.