From: N
Sent:
To: walter block;
Subject: The Law of Diminishing Marginal Utility

The Law of Diminishing Marginal Utility: Each successive unit of a good grants its owner less utility than the previous unit. Counter Example: I have a bike missing it’s two tires, surely the first tire I buy would grant me less utility than the second. Did I go wrong? If so then where?

Dear N: This is an excellent attempt to undermine basic economics. But, do read this:

Rothbard, Murray N. 1982. “Law, Property Rights, and Air Pollution,” Cato Journal, Vol. 2, No. 1, Spring; reprinted in Economics and the Environment: A Reconciliation, Walter E. Block , ed., Vancouver: The Fraser Institute, 1990, pp. 233-279; http://mises.org/story/2120; http://www.mises.org/rothbard/lawproperty.pdf; https://mises.org/library/law-property-rights-and-air-pollution-0

And search for “technological unit.” Murray fully defends basic economics.

The Best of Walter E. Block