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The Recusant
Member since May 2012
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'Lord, What Fools These Mortals Be...'

- Hugo Salinas Price - Plata.com

In the article you state, "We will value the last coin received just as highly as the first." As an example you cite the farmer and his wheat. How is the example different than a person who has no gold, who highly values his first gold coin and after building a hoard of coins does not value the last coin as much as the first? I would be very upset losing my only gold coin, more so than losing one coin of a thousand I owned. That is only human nature. The last coin may have the same purchase potential as the first, but that is not the point of marginal utility. Marginal utility only refers to the owner's emotional or practical perception of value for each. So gold, in fact, does have a declining marginal utility.

Commented 2534 days ago

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Beginning of the headline :Money, in its highest manifestation, is gold. However, silver can also be money, though not as aptly as gold. Money is, has always been, and always will be a commodity. Bitcoins, as well as Dollars and all other currencies today, are not and cannot be money, because they are not commodities. In trade, all commodities exhibit what is called a "declining marginal utility", with one notable exception. Carl Menger (1840-1921, Vienna) illustrated the phenomenon of declining marginal utility by th... Read More

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