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The Fraser Institute, Essential Austrian Economics: Marginal Thinking

Essential Austrian Economics: Marginal Thinking

One of the most important contributions of Carl Menger, the founder of the Austrian School,

was the development of what's known as marginal thinking.

Menger, along with other economists working independently around Europe, solved a longstanding

puzzle in economics: The Water-Diamond paradox. Why is water so inexpensive when it's necessary

for life, while diamonds, which have limited practical usefulness, are incredibly expensive?

Prior to marginal thinking, economists couldn't answer this question.

Economists treated all decisions as if they are all-or-nothing,

meaning that we either have water or diamonds. But such an approach can't explain the low price

of water and high price of diamonds. What Menger and others realized is

that people don't make decisions based on an all-or-nothing basis.

Instead, we decide to have a little bit more or a little bit less of something,

based on what we value more at the time. In other words, we make judgements about

what we value in terms of purchasing one more unit of a good or service—and

so, we value things at the margin. But marginal thinking also explains

how the value people place on a good or service is influenced by scarcity.

The more abundant something is, like water which is very abundant, the less its perceived value

compared to goods like diamonds, which are quite scarce, and therefore fetch much higher prices.

But now imagine you're hiking in the desert and you run out of water.

Suddenly the normally abundant water is now incredibly scarce and its value to you—

as you become more thirsty in the hot desert-- probably now exceeds what you'd pay for a diamond.

This marginal way of thinking not only solved the water-diamond paradox but explained how people

actually make decisions in their lives. The development of marginal analysis

revolutionized economics and continues to influence the way we think about the world today.

Essential Austrian Economics: Marginal Thinking |||限界| Essential Austrian Economics: Marginale Denkweisen Economía austriaca esencial: Pensamiento marginal L'essentiel de l'économie autrichienne : La pensée marginale "Essential Austrian Economics": Marginalus mąstymas. Essential Austrian Economics: Marginal Thinking Essential Austrian Economics: Pensamento Marginal Essential Austrian Economics: Маргинальное мышление Temel Avusturya İktisadı: Marjinal Düşünce Основи австрійської економіки: Маржинальне мислення 基本奥地利经济学边际思维

One of the most important contributions of Carl Menger, the founder of the Austrian School, Jeden z najważniejszych wkładów Carla Mengera, twórcy Szkoły Austriackiej, Avusturya Okulu'nun kurucusu Carl Menger'in en önemli katkılarından biri,

was the development of what's known as marginal thinking. |||||||marginalne myślenie| was the development of what's known as marginal thinking. marjinal düşünce olarak bilinen şeyin gelişimiydi. був розвиток так званого маргінального мислення.

Menger, along with other economists working independently around Europe, solved a longstanding |||||||||||de larga data |||||||||||di lunga data |||||||||||długotrwały Menger, wraz z innymi ekonomistami pracującymi niezależnie w całej Europie, rozwiązał długotrwały Menger, Avrupa'da bağımsız olarak çalışan diğer ekonomistlerle birlikte, uzun süredir devam eden bir sorunu çözdü. Менгер, разом з іншими економістами, які працювали незалежно по всій Європі, вирішив давню проблему

puzzle in economics: The Water-Diamond paradox. Why is water so inexpensive when it's necessary |||||paradoks diamentowy|paradoks|||||tanie||| zagadka w ekonomii: Paradoks wody-diamentu. Dlaczego woda jest tak tania, gdy jest niezbędna

for life, while diamonds, which have limited practical usefulness, are incredibly expensive? ||||||||utilidad práctica||| ||||||||użyteczność praktyczna||niesamowicie|

Prior to marginal thinking, economists couldn't answer this question. ||marginalnym myśleniu|||||| previo|||||||| Przed myśleniem marginalnym ekonomiści nie potrafili odpowiedzieć na to pytanie.

Economists treated all decisions as if they are all-or-nothing, |traktowali||||||||| Ekonomiści traktowali wszystkie decyzje tak, jakby były one all-or-nothing, Економісти ставилися до всіх рішень так, ніби вони були "все або нічого",

meaning that we either have water or diamonds. But such an approach can't explain the low price |||||||||tal||||||| co oznacza, że albo mamy wodę, albo diamenty. Ale takie podejście nie może wyjaśnić niskiej ceny що у нас є або вода, або алмази. Але такий підхід не може пояснити низьку ціну

of water and high price of diamonds. What Menger and others realized is ||||||gemstones||||||

that people don't make decisions based on an all-or-nothing basis. |||||||||||base todo o nada |||||||||||zasadzie wszystko albo nic що люди не приймають рішення на основі принципу "все або нічого".

Instead, we decide to have a little bit more or a little bit less of something,

based on what we value more at the time. In other words, we make judgements about ||||||||||||||juicios| ||||||||||||||osądy|

what we value in terms of purchasing one more unit of a good or service—and ||||||zakupie|||jednostki||||||

so, we value things at the margin. But marginal thinking also explains ||||||margen adicional|||||explica ||||||na marginesie||||| więc cenimy rzeczy na marginesie. Ale myślenie marginalne wyjaśnia również Отже, ми цінуємо речі на маргінесі. Але маргінальне мислення також пояснює

how the value people place on a good or service is influenced by scarcity. |||||||||||wpływa||niedobór

The more abundant something is, like water which is very abundant, the less its perceived value ||豊富な||||||||||||認知された| ||||||||||obfity||||postrzewana| Чим більше чогось є, наприклад, води, якої дуже багато, тим меншою є її сприйнята цінність

compared to goods like diamonds, which are quite scarce, and therefore fetch much higher prices. |||||||||||osiągują||| |||||||bastante||||obtienen|||

But now imagine you're hiking in the desert and you run out of water. ||||caminando||||||||| Ale teraz wyobraź sobie, że wędrujesz po pustyni i kończy ci się woda. Ama şimdi çölde yürüyüş yaptığınızı ve suyunuz bittiğini hayal edin.

Suddenly the normally abundant water is now incredibly scarce and its value to you— |||abundante|||||||||| |||obfita||||||||||

as you become more thirsty in the hot desert-- probably now exceeds what you'd pay for a diamond. |||||||||||excede|||||| |||||||||||przekracza to|||||| |||||||||||超える|||||| w miarę jak stajesz się bardziej spragniony na gorącej pustyni - prawdopodobnie teraz przekracza to, co zapłaciłby pan za diament.

This marginal way of thinking not only solved the water-diamond paradox but explained how people Цей маргінальний спосіб мислення не лише вирішив парадокс води і алмазу, але й пояснив, як люди

actually make decisions in their lives. The development of marginal analysis ||||||||||analiza marginalna

revolutionized economics and continues to influence the way we think about the world today. 革命をもたらした||||||||||||| |||kontynuuje||||||||||