Gary North’s article on today’s LRC reminds us that the Theory of Marginal Utility, developed by Austrian Economist Carl Menger, was one of many objective contributions by the school to general economic theory.
Before you sit down for Thanksgiving dinner, it’s prudent to remember Menger’s theory. You will derive less “utility,” (enjoyment) from each additional serving of delicious turkey, potatoes, corn, and–yes–even PIE! Utility decreases to the point of NEGATIVITY, or, in layman’s terms: “puking your brains out.”
So as to avoid indigestion–which God forbid, will keep you from reading Black Friday’s YAL Blog Entries– I humbly suggest that the YAL reader apply Austrian Economics to his or her portions at the Thanksgiving table.
But in any case, Happy Thanksgiving from yours truly! :]
(And thanks to my Austro-friendly, (though neoclassical) economics prof, Dr. Murthy, for the application of Menger’s theory to Turkey that inspired this post!)Published in