Submitted by thetwitchy1 t3_zwm1p1 in singularity
thetwitchy1 OP t1_j1wwo8j wrote
Reply to comment by natepriv22 in AI art is the ‘machine made fabric’ of tomorrow. by thetwitchy1
Bread, rice, houses, shoes… none of these are really “something you can live without”.
Croissants, wild risotto, mansions, air Jordan’s… these are all items you really never NEED.
Imho, that’s the difference.
natepriv22 t1_j1yaql8 wrote
And yet the ones you listed below are worth more than the ones you listed above
That's due to marginal utility theory: "People make decisions on the margin. No one chooses between "guns" or "butter", but between a definite amount of guns and a definite amount of butter.
As an actor acquires more and more units of a good, he devotes them to successively less and less urgent ends (i.e. ends that are lower on his scale of values). Therefore the marginal utility of a good declines as its supply increases. This is the law of diminishing marginal utility."
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