Marginal Utility Is Your Friend

A page at Amos deals very well with diminishing marginal utility. They even have interactive tables!

Chapter 4 of Price Theory by David Friedman deals with much the same thing.

I recommend reading both closely and taking notes of the key points.

Obviously 'utils' are a learning convention. Nobody believes utils are an effective measure of marginal utility in the wild! There are no units in economics. That's why it's not a hard science.

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World Hunger - Getting Better or Worse?

Thinking about how rates of hunger have shifted over the last 25 years led me to the Global Hunger Index , which covers - wait for it - the last 25 years. What do we see by looking at their figures for hunger in different countries in the years for which data are available? The Global Hunger Index uses aggregated statistics to arrive at a 'score' for every country studied in a given year with 0 the ideal and 50+ an absolute nightmare of near famine-level proportions. If you were switched-on enough to follow the link above you probably noticed it includes an interactive world map showing the change in rates of hunger for folks in many countries that might best be described as low-income or middle-income. An illustration of the score system is just below. And just in case it wasn't already obvious that everything is getting better, here is the data for all of the individual countries measured on a scatter plot in terms of their reduction in GHI score from 2000

Iain McKay, Bryan Caplan & the Case of the "Anarchist" Anarchist

In the past I have written blog posts disputing claims contained in the online document called An Anarchist FAQ principally written by Iain McKay. I spent those posts trying to contend with Iain's claims re the ancap question and the mode of production called capitalism . McKay has a bee in his bonnet re anarcho-capitalists' insistence on referring to themselves as anarchists, that much is obvious. Every reference to ancapism runs something along the lines of "an"cap or "anarcho"-capitalism. I find this very amusing because 'anarchist' or 'anarchism' are words (articulate mouth-sounds) first and specific concepts second. Ditto 'socialist' and 'socialism' friends. Speaking of socialism... In the comment section of one of his videos the Youtuber called StatelessLiberty responded to a criticism by linking to Caplan's work on the Anarchist adventure in Spain in the 1930's . The critic shot back with a critic

Commentaryism - The Death Toll of Capitalism

How many people have died because capitalism exists? How many would still be alive if it had never existed? Let's dig in! We will take two approaches over the course of this blog post by looking at the the death tolls attributed to the word in its broad popular definition - everything socialists don't like - versus the toll that fits the definition offered previously on this blog. By the same token I will not lay any outsized figures at any other mode of production's door except where that mode of production demonstrably caused the problem that killed people. It's political ideologies that really matter here, and this is where the first big problem with even trying to lay a specific body count before capitalism runs into problems - there is no political ideology called capitalism. ~~~~~~~~~~~~~~~~~~~~~~~~~~~ Now then, Alfonso Gutierrez says in a comment thread that "capitalism and free-markets have murdered billions of people" which is a risky cla

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