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 … Continue reading Is The Law of Diminishing Marginal Utility Fallacious? No