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Marginal Utility: Why the Third Slice Is Never as Good as the First | A Life Well Lived
(00:52) What marginal utility means
(00:00) The first glass of water
On a hot day the first glass of cold water is wonderful, and by the fifth you'd rather not. Lesson 3 of A Life Well Lived explains marginal utility: why each extra unit of something adds less than the one before, how it solves the old puzzle of cheap water and expensive diamonds, and Alfred Marshall's idea of consumer surplus, the value you get for free. You'll also learn how to use "one more" thinking for your own money and time.
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(03:43) Using it in your own…
The skinny
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