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To say this, of course, is merely to say that we do not know the actual alternatives represented by the price of any one commodity until we know the price of certain other commodities also. Under such circumstances as we have supposed, the price of 6s. In one case it would mean that the lower compliment of say six pounds of cod, as against the higher compliment of the chickens, would save 3s. This, however, is only what mathematicians call a first approximation. If the entertaining housekeeper suspects that one or more of her guests will know the price of cod and chickens as well as she does, a complication is introduced; for cod will be still less of a compliment at 6d.

But on what does the significance of the saving at whatever sacrifice made depend? Probably upon the price of things that have no obvious connection with either chicken or cod. A father and mother may have ambitions with respect to the education or accomplishments of their children, and may be willing considerably to curtail their expenditure on other things in order to gratify them.

Such parents may be willing to incur the twofold reproach of being mean and being stuck up, by entertaining their guests less sumptuously than custom demands, and at the same time getting French or violin lessons for their children. In such a case the question whether to buy new or old potatoes, or whether to entertain friends with chicken or cod, or neither, may be affected by the terms on which French or music lessons of a satisfactory quality can be secured.

If they are half a guinea a lesson the terms on which the alternatives between a better education and a more elaborate table are offered determine the choice in the table's favour; but if, owing to any combination of circumstances, it chances that instruction of adequate quality can be got for 5s. Moreover, new inventions, or the opening of new routes of commerce, are constantly bringing new alternatives within the range of possible selection, and the price which would have been cheerfully paid for some commodity when only the old range of alternatives was open is grudged in the presence of the fresh ones.

It is said that the invention of the lady's bicycle materially affected the trade in low-priced pianos. Many young women, it seems, would have saved up for a piano before this invention was made. That is to say, they would have regarded the possession of a piano as a more eligible alternative than the indulgence of the thousand small wants they would have had to ignore in order to raise the money, or than the acquisition of any other possession, or the realisation of any other purpose that the money when raised would have secured.

But now there is a newly opened alternative which they prefer to any of those that were open to them before, including the possession of the piano itself, which is accordingly beaten off the field. And it should of course be noted that for this effect to follow there is no necessity for any exact correspondence of price between the piano and the bicycle.

It may be a case of weighing not a piano against a bicycle, but a piano against a bicycle plus sundry other things; and the collective group that includes the bicycle might offer a more eligible alternative than the piano, though the piano would outweigh any other alternative group from which the bicycle was excluded. And so it might conceivably happen that the introduction of the bicycle, while interfering with the sale of cheap pianos, might promote that of literature or even of fruit and vegetables; for these things might now be able to enter into a victorious alliance with the bicycle and defeat the hitherto triumphant piano that had excluded them.

We may further illustrate the general thesis to which we are leading up by supposing that the members of a family have been deeply affected by the news of an Indian famine. Now although it is said that the alternatives relinquished in order to meet fresh appeals to philanthropic sympathies are generally themselves philanthropic—that is to say, that the subscriptions given to meet a special appeal are largely withdrawn from the support of existing charities—yet this is certainly not always or altogether the case; and our housekeeper's purchases of chickens may certainly be affected not only by the price of cod, or by the price of French or music lessons or of pianos or bicycles, but also by the fact that there is a famine in India and that machinery by which she and her family can help to alleviate it has been brought to her door.

It is sufficiently obvious, further, that alternatives often present themselves in the form, "Shall I have this to-day and go without that to-morrow, or shall I have that to-morrow and go without this to-day? We may deny ourselves many satisfactions day by day and week by week, because we are saving up for a piano, for the education of our children, for retirement from business in old age, for the amassing of a fortune, for general provision against contingencies more or less vaguely conceived, or for insurance against evils definite in their nature but uncertain in their incidence.

To the wide range of alternatives, already examined, that compete with some definite purchase at a particular stall in the market-place, we may therefore add the further alternative of not spending the money at present either on that or on anything else, but saving something out of the housekeeping allowance for undefined future contingencies, or for the realisation of hopes regarding the definite but remote and therefore necessarily uncertain future.

Still further, if the housewife is herself a bread-winner, in the usual acceptation of the term, or if she is conscious of having any influence upon the general scheme of her husband's life, there may be present in her mind a yet further possible alternative to some special expenditure; for she may consider the advisability of ceasing, in future, to spend money in this and in certain other ways to which she is accustomed, but, instead of spending it on anything else, or saving it, simply not earning it at all, and devoting the time and energy so released to public work, or to the cultivation of private tastes, or to acts of neighbourly service, or finding compensation merely in relief from a strain which has become painful.

Thus, through widening circles of remoter and fainter influence, everything that changes the value or significance of any possible application of energies and resources, or that changes the terms on which any alternative whatever is offered, may affect the purchase of any single article at a market stall. Primarily it will be affected by its own price, secondarily by the price of the things that are most readily thought of as substitutes for it, and more remotely by the whole range of alternatives open to the individual, or the group, by whom, or for whom, the purchase is to be made.

But the reference just made to "relief from a strain" may warn us that we have not even yet reached a sufficient generality in our survey, and that we must mount to a point which will still further extend our outlook. We have spoken hitherto as if we were habitually choosing between different objects of positive desire, and as though the privation involved in securing one thing were simply going without another.

But balking an impulse or starving a desire may involve not only the sacrifice of the thing desired, but the encountering of a positive pain. In this and in other ways we may be called upon at any time to consider, not which of two satisfactions we would rather forgo, but which of two pains or miseries we would rather escape, or whether we will endure this pain in order to secure that object of desire or in order to avert a given loss.

And here again all will depend upon the "price" or terms on which the alternatives are offered.

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A pair of pinching or ill-fitting shoes furnishes a familiar example. Are we to go on wearing them and suffering, or are we to put them aside, give them away, or sell them for what they will fetch, and buy a new pair? If we determine to go on wearing them, we are practically earning a certain sum of money or, if you like, purchasing certain things which we should have had to go without had we bought the new pair of boots at the "price" of a certain sum of physical suffering, with all its secondary products of lowered vitality, irritability of temper, and so forth.

Most ways of earning a living involve, possibly during a part of most days or every day, and almost certainly from time to time, effort or endurance which is positively, perhaps acutely, painful. So that in surveying the alternatives between which we have to choose in the ordinary course of life and business whether in reference to earning or spending our income , we must not only compare different and heterogeneous objects of desire, but also different and heterogeneous forms of suffering, or objects of terror or aversion, which may be regarded as negative quantities on the scale of satisfaction.

In the ordinary conduct of our lives we not only compare positive satisfactions amongst themselves, considering which we prefer, and negative satisfactions amongst themselves, considering which we are most anxious to avoid, but we also deliberate whether we will accept such and such a positive satisfaction on condition of having to take a negative one with it, or escape such and such a negative satisfaction on condition of forfeiting a positive one at the same time. Indeed, a moment's reflection will make us aware how very large a part of our resources is directed not so much to securing things we want as to averting things to which we object.

And, in truth, moralists have such a long list of proscribed pleasures that the avoidance of a pain is often and perhaps legitimately enough represented as a more creditable motive than the securing of a pleasure. It is supposed to be to a man's credit if he eats, not because he enjoys it, but because he desires to avoid the faintness, inefficiency, and positive pain which would come upon him if he did not.

Cato is praised by Lucan for having reduced his expenditure on clothing to the point demanded for protection against the weather; and many of us are so far Stoics that we would gladly reduce our tailor's bill more nearly to the modest dimensions sanctioned by Cato's standard, and spend the surplus on books or holidays, if we did not find that the dress which is adequate for protection against the weather is quite inadequate for protection against domestic criticism, to which we are equally sensitive.

In this case we sacrifice positive pleasures in order to escape pains, and we are told that it would be disreputable to do otherwise. But we are not all or always of Cato's mood. If some people spend money on dress in order to avoid both suffering and inflicting mental pain, others do so in order to secure the positive satisfactions incidental to beautifying their own appearance and exciting the admiration, the approval, or the envy of others.

Moreover, the two sets of incentives may combine, or the one may be the alleged while the other is the secretly effective motive. Thus, in order to arrive at any adequate conception of the nature of the alternatives between which we are constantly choosing we must realise a that a large part of our energies and resources is habitually directed not towards getting what we want, but towards escaping what we do not want; b that we balance positive and negative satisfactions against each other 1 just as we balance positive against positive, and negative against negative satisfactions; c that positive and negative satisfactions may blend or even coincide as when we secure sympathy that we value by the same act which averts criticism which we dread ; and d that the principle of price obtains throughout the whole range of negative as of positive satisfactions.

Whether we are willing to incur this kind of pain in order to secure that kind of pleasure depends on the terms on which they are offered. How much of the pain and how much of the pleasure may I expect? I may be glad to endure a day's sea-sickness for the sake of a fortnight's enjoyment, but may decline a day's enjoyment at the cost of a week's sea-sickness. Insensibly we have passed from the confined conception of price as so much money, to the generalised conception of price as representing the terms on which anything we want may be had or anything we shun avoided.


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Current phraseology recognises this wider application of the language of the market and of pecuniary expenditure. And note, at this point, that the implication in some or all of these instances is that the object in question would have justified the expenditure of a certain amount of money, time, and moral energy respectively, and the incurring of a certain amount of discomfort, but not so much as they would have taken. That is to say, that they are all worth having or doing, but not worth having or doing at the price.

We habitually talk of a man gaining some object "at the price of his honour"; or say to some one who contemplates an action which would alienate his friends, "Oh yes! Of course you can do it, if you choose to pay the price. Selection between alternatives, then, is the most generalised form under which we can contemplate the ordinary acts of administration of resources, whether in the market-place, the home, or elsewhere; and, obviously, price or the terms on which the alternatives are offered how much of this against how much of that?

It would be a very great mistake to suppose that the influence of the terms on which alternatives are offered to us is confined to cases where our choice is deliberate; and a still greater mistake to confine it to cases in which that choice is rational. A great part of our conduct is impulsive and a great part unreflecting; and when we reflect our choice is often irrational. In all these cases, however, the principle of price is active. Habit or impulse perpetually determines our selection between alternatives without any reflection on our part at all; and the terms on which alternatives are offered us may change within wide limits without affecting us.

But if they are altered beyond a certain point the habit will be broken or the unconscious impulse checked, and we shall enter a stage of conscious choice. The power of habit or impulse to resist the intrusion of deliberate choice is quantitatively defined, and may be overcome on certain terms.

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Thus the impulse to rescue a drowning man and the dread of taking a high dive may balance themselves without reflection within certain limits, but when those limits are transgressed a deliberate choice may be made. The principle is at work on the unconscious area, and emerges into consciousness when it crosses the boundary. A man of given temperament and accomplishments, who without a moment's hesitation would take a header of 5 feet to help a drowning stranger, might be conscious of a conflict of two forces in him, though hardly of a deliberate choice, as he took off from a height of 8 feet, might nerve himself with an effort to a foot throw, might refrain, though with some measure of self-contempt, if the height were 12 feet, and without any self-reproach at all if it were 20 feet.

But the same man might unhesitatingly take off from 12 feet to save his friend, or from 20 feet, with a sense of desperation, but with no fear or consciousness of an open alternative, to the rescue of his wife or child; though even in this case it would not occur to him to take off from 40 feet, and at some height short of this he might go through a rapid estimate of the relative chances of a desperate plunge or a race for other means of rescue, and into this estimate his own instinctive fears might or might not, according to his temperament, enter as a recognised or unrecognised weight.

Or again, when our selection between positive and negative satisfactions is wholly irrational, and the price required even according to our own standards, apart from any ideal scale of values is vastly less than the worth of what is offered, the principle of price is still active. The terms on which the rejected alternative is offered are already favourable, if judged by any rational standard, and yet we persist in our rejection.

But if the terms are made more favourable still, we shall accept them. For example, we lie awake or what we call awake next morning half the night consciously suffering from cold, when without even getting out of bed we could reach a blanket or a rug which would secure comfortable sleep for the rest of the night. We cannot say that we deliberately prefer the discomfort we have encountered to the discomfort we have escaped.

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Perhaps the psychological analysis is that we prefer each second of the discomfort of cold, as it comes, to the discomfort that would accrue during that second if we secured peace for the rest of the night. At any rate our choice is irrational, yet the principle of price is at work all the same; for there is a degree of chill discomfort which, if reached, will break the spell and induce us to put on the extra blanket.

Or for months, perhaps years, we have suffered our conscience to be periodically troubled, and our general vitality sensibly lowered, because we know that we ought to pay a certain call, write a certain letter, or even post-card, or return a book to a friend, who, for all we know, may be suffering more or less seriously for want of it and wondering what has become of it. An hour's or a minute's exertion of a kind we are constantly making for trivial objects, and which we do not find particularly painful, would relieve us of this burden, and yet, apparently under some spell of impotence, we continue to bear it.

Nothing could be more supremely irrational to say nothing of its morality , and yet here too the quantitative law of "price" is at work. There is a degree of depression, self-reproach, or sudden panic, which will induce us to break the spell that has prevented our writing the post-card or sending the book back. If the terms on which we can hug our indolence or aversion become too hard we shall at last cast it from us.

There are people who will endure long-protracted agonies of toothache sooner than face an extraction which they know perfectly well would be comparatively easy to bear; or who are restrained from indulging their taste for foreign travel by terror of sea-sickness, though they know that it is a weak and foolish shrinking, and that what they are losing is, in their own deliberate judgment, worth much more than the price they shrink from paying.

Their conduct is admittedly irrational; but though they refuse to pay a given price for something that far exceeds it in value, yet if the offer be raised still higher they will at last consent to pay. If the present and prospective pain from toothache, or the degree of prospective enjoyment from travel, reaches a certain point, they will at last face an hour in the dentist's chair, or a night and a day on the deep.

When the terms on which the alternatives are offered are such as not only to enlist their deliberate reason, but also to overcome their instinctive and morbidly absorbing terror, they will face the thing they dread, though they would have done so on no lower terms. Our irrational shrinkings then, as well as our rational preferences, "have their price. The phenomenon of enamourment is not special to one relation in life; and if it is sometimes a better guide than reason it certainly is not always reasonable. Yet the man who has "fallen in love" with a house, a horse, a book, or a scheme of business or pleasure, while he may resent the suggestions of his reason that a given price is too high, will nevertheless be daunted when it rises beyond a certain point; and that point affords an accurate gauge of his "infatuation" regarded as a quantity.

Thus the principle of price, or terms on which the alternatives are offered, which decides the housewife to make this or that purchase at the stall, may be traced through the whole range of our irrational as well as our rational, of our impulsive as well as our deliberate and even of our unconscious as well as our conscious selection between alternatives. And finally, if the principle of price extends to cases in which there is an open alternative but no deliberate estimate, it may also be traced where there is a deliberate estimate though there is no open alternative; for where there is no possibility of selection we nevertheless determine in our thought the terms which would sway our selection this way or that if there were a choice.

We have thus arrived at the conclusion that all the heterogeneous impulses and objects of desire or aversion which appeal to any individual, whether material or spiritual, personal or communal, present or future, actual or ideal, may all be regarded as comparable with each other; for we are, as a matter of fact, constantly comparing them, weighing them against each other, and deciding which is the heaviest. And the question, "How much of this must I forgo to obtain so much of that? If we are considering, for example, whether to live in the country or in the town, such different things as friendship and fresh air or fresh eggs may come into competition and comparison with each other.

Shall I "bury myself in the country," where I shall see little of my dearest friends, but may hope for fresh eggs for breakfast, and fresh air all the day? Or shall I stay where I am, and continue to enjoy the society of my friends? I start at once thinking "how much of the society of my friends must I expect to sacrifice? Will any of them come and see me? Shall I occasionally be able to go and see some of them?

The price may be too high. In such a case as this the terms on which the alternatives are offered are matter of more or less vague surmise and conjecture, but the apparent dissimilarity of the several satisfactions themselves does not prevent the comparison, nor does it prevent the quantitative element from affecting my decision.

Using the term price then in its widest extension, we may say that all the objects of repulsion or attraction which divide my energies and resources amongst them are linked to each other by a system of ideal prices or terms of equivalence. We may conceive of a general "scale of preferences" or "relative scale of estimates" on which all objects of desire or pursuit positive or negative find their place, and which registers the terms on which they would be accepted as equivalents or preferred one to the other.

Presumably no man's scale, however, is completely consistent. That is to say, if I would choose A rather than B and would choose B rather than C, it does not follow as it ought to do that a fortiori I should choose A rather than C. A man might be willing to give a shilling for a knife because he thought it cheap, and might refuse to give a shilling for a certain pamphlet because he thought it dear, and yet if he had been offered the direct choice between the pamphlet and the knife as a present he might have chosen the pamphlet. That is to say, he would prefer the knife to a shilling and would prefer a shilling to the pamphlet, and yet he would prefer the pamphlet to the knife.

But the same man would scornfully refuse to sell half a day of his time for 2s. That is to say, at one and the same time he is willing and unwilling to accept 2s. Or when he has arrived at the station the exact book that would suit him to read on his journey occurs to his mind, and he knows where he can get it for 1s. There is just time to go for it, but it will cost 2s. Yet if the book had been brought out at 3s. The obscure impulses and associations which affect our choice, and interpose themselves between the realities with which we are dealing and our estimate of them, yield in an erratic and irregular manner to the light of reason, lingering here when they have retreated there; and thus inconsistencies of every kind are introduced into our scale.


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  8. But the greater the range of that scale that is present to our minds at one and the same time, and the more precise our mental estimates, the fewer will be our inconsistencies. The man of alert intelligence and sound judgment will reduce them to a minimum, and the wider and more consistent the range of our consciously realised alternatives is, the more economical will the administration of our resources become.

    A man's actual scale of preferences then may depart to any extent and for any reason from the ideal of wisdom, and may be full of inconsistencies and vacillations. But such as it is, it connects the various objects of his desire by a system of prices, and his successive acts of choice, whether purchases or other selections, are constantly revealing fragments of it, as he determines that at this price he will take this instead of that, and on these terms he will select this alternative and reject the other.

    But here it may naturally occur to us to ask why we are so seldom conscious of this ever-present fact of selection between alternatives, particularly in our money purchases. Why even in the simplest and most obvious cases do we comparatively seldom think of definite alternatives when asking ourselves whether we will or will not buy such and such an article? There are indeed many instances, if we look for them, in which we do this. Many young women, and some young men, living alone and on narrow resources, habitually realise that literature, lectures, concerts, and theatres are in direct competition with each other, and that if they buy a coveted book they cannot go to the concert, and they also realise every day that it is the penny or twopence by which their expenditure on dinner each day of the week falls short of satisfying their appetite which enables them to make a selection between these competing satisfactions at all, and that secures them in the enjoyment of one of them every week or fortnight.

    The people living on or below the line of positive want in York had no difficulty in telling a sympathetic inquirer that every pair of boots bought "came out of the food. But most people would have some difficulty, if challenged, in giving any large number of consciously realised concrete examples of selection between definite alternatives. A girl is conscious of choosing between a number of hats in a shop, but she may hardly be conscious of choosing between a hat and something else. She never gets a hat, she will tell you, unless "she has to," and then there is no choice in the matter.

    In fact like the poet "she does but buy because she must. And even when a man is tempted to incur some considerable expense which he knows he "cannot afford," he does not generally realise exactly what the consequences of buying it will be, but has a vague sense of future inconvenience, privations, and possibly regrets. Afterwards, indeed, he may say from time to time, "I can't afford to get a new greatcoat just yet, after such an expensive holiday," and so on; but more often he will only be vaguely conscious of things being tighter, and of a temporary modification in his general ideas of what he "can afford"; and the pressure will perhaps as often act unconsciously as consciously in his selection of the things that he must now go without.

    But to say all this is merely to say that our scale of preferences often asserts itself automatically. Life would be impossible if we were always in the state of mind professed by the lady who said she liked "to get up every morning feeling that everything was an open question. The vague sense of restraint, which subdues and suppresses it, is really the unanalysed consciousness of the higher place on the scale of preferences of certain other unspecified items which will one by one assert themselves in due time and place.

    That is to say, if we are moderately wise we pretty generally act without reflection in the manner which reflection would have dictated. But these unconscious and automatic processes are far from being infallible, and one of the qualities most conducive to effective expenditure is an alertness to changed conditions, which reopens every question that has been materially affected by the change, while abstaining from fruitless and fidgeting reconsiderations for which there is either no ground, or ground insufficient to justify the requisite expenditure of thought and energy.

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    By a man's "scale of preferences" or "relative scale," then, we must henceforth understand the whole register of the terms on which wisely or foolishly, consistently or inconsistently, deliberately, impulsively or by inertia, to his future satisfaction or to his future regret he will, if he gets the chance, accept or reject this or that alternative.

    And by saying, for example, that a bunch of radishes stands higher than a red herring on his scale of preferences, or that an honorary degree stands lower than a baronetcy, we shall simply mean that he would at this moment, if he had the choice, take the radishes in preference to the herring, and receive the title rather than the degree.

    This conception of a "scale of preferences" will underlie all our future investigations. It is quite fundamental, and the whole purpose of this introductory chapter has been to explain and to illustrate it. Its significance for any given supply is called its marginal significance. This marginal significance therefore rises or falls as the supply itself is contracted or expanded, and the margin drawn back or advanced. If there is a market price for any commodity, we supply ourselves with it till its marginal significance sinks to its market price; and seeing that all the early increments of supply have a higher value than that at the margin, though all are bought at the market price, it follows that the satisfactions we secure are worth more than the price we pay for them.

    Only at the margin is there a coincidence between the thing gained and the price paid for it. In more general terms, if we can exchange things for each other or choose between them, on certain terms, then we can increase our supply of the more valued thing at the expense of the other, thereby lowering the marginal significance of one and raising that of the other, till their significance coincides with the terms on which they are obtainable as alternatives.

    When this point is reached there is equilibrium; and successful administration of resources consists in establishing and maintaining such equilibrium. In making these exchanges or selections we are guided by the anticipated or estimated values of the things with which we are dealing, and if we make mistakes and fail to secure the marginal coincidence between what we have got and the terms on which we got it, the price we mistakenly paid does not affect the value of the thing for which we paid it.

    The scale on which all objects of desire are arranged and graded in a man's mind, spoken of in the last chapter, must be thought of as a scale of marginal values. The present chapter will be devoted to the further examination of the conception of the "relative scale," and to the introduction, in connection with it, of a second great principle which combines with that of price to control the distribution of our resources.

    We have seen that the skilful marketer has a portion of her scale of preferences definitely and even minutely present in her consciousness as she enters the market. She knows with considerable nicety the terms on which this or that alternative purchase is preferable, and the immensely complex system of combinations which can be commanded by the money she has to spend is fairly well under her ken. She may therefore come out of the marketplace having done something like the best that was possible with her money.

    But in order for this result to represent the most effective administration of her resources in general for all the purposes of her life, other opportunities than those of the market in which she actually stood must also have been present in her mind with adequate preciseness; for her total expenditure in the market-place is not rigidly fixed in advance. It is related to her expenditure on other things furniture, clothes, education, literature, holidays, etc. And just as her expenditure on provisions is affected by the price of all these other things, so likewise her expenditure on them is affected by the price of provisions.

    The price of one or many of the commodities in the market may be considerably different from what she expected. If she finds that she can fill her basket for less than she expected she may feel at liberty to buy something else that she would not otherwise have allowed herself; and if prices are so high that the money she had meant to spend will make too poor a provision she must cast about for some saving elsewhere to enable her to spend a little more in the market-place. So when she learns the prices at the stalls, she may find she "can get that scarf for Bob after all," or, on the contrary,that with things at such prices, she "must put off binding Grimm's Fairy Tales a little longer.

    We may now go on to the next great step in advance in our analysis of the scale of preferences or relative estimates. We have noted incidentally more than once that the question may arise not only, for example, whether to buy any new potatoes at all, but also how many to buy. Suppose the usual consumption of potatoes in a family is about 4 lbs. If new potatoes are 2d. But when new potatoes come down to a penny she will buy no more old potatoes at all. It is not likely that she will buy new potatoes to the extent of 4 lbs. They are still too expensive a form of food for that. She will perhaps buy 3 lbs.

    But without following out these complex reactions we may at once grasp the fact to which we must now apply our closest attention, that the place which a pound of new potatoes takes on the marketer's scale of preferences is not fixed. For if at 2d. If at 1d. There is, of course, nothing inconsistent, anomalous, or mysterious in this. Each successive pound takes a lower place on the scale of preferences than the one before it, because the want to which it ministers is less urgent. The pudding may be the same, but the child is different; for to the second help comes a child who has already had a first help—that is to say, an organism which can no longer enter into the same reactions with jam-roll as before.

    In order to say what place on the relative scale a unit of any commodity occupies in comparison with a unit of any other, we must know the how-many-eth unit per day, week, or year of each commodity we are talking about; or, in other words, we must know how much of each commodity we are to suppose is already possessed when we talk of the place which an additional unit will take on a man's relative scale.

    If I have no supply of water and have seven loaves of bread to last me for a week, a pint of water will certainly occupy a higher place on my relative scale than a loaf of bread, but if I can already command twenty gallons of water for the week and have only one loaf of bread, another loaf will stand higher on my relative scale than a pint of water. Hence the extreme importance of what is known as the doctrine of margins. We shall constantly find ourselves considering marginal services, marginal consumption, marginal significance, marginal expenditure, marginal values, marginal increments, and so on.

    Marginal considerations are considerations which concern a slight increase or diminution of the stock of anything which we possess or are considering; the marginal service rendered to us by any commodity is that service which we should have to forgo if the supply of the commodity in question were slightly contracted; our marginal desire for more of anything is measured by the significance of a slight increment added at the margin of our present store.

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    Their houses need renovating. Their private bowling alleys need polishing. Managing wealth in the markets is not easy but managing money in your real life can be far more complicated. None of us will be hiring our own personal concierge to oversee our spending decisions anytime soon like these professional athletes.

    But before you think about managing your wealth in markets, it makes sense to have a handle on how you manage your money outside of the markets. I have no reason to believe this will happen. Just had to throw that in there as a disclaimer because you never know with these things. A Wealth of Common Sense is a blog that focuses on wealth management, investments, financial markets and investor psychology.

    More about me here. Email address:. There are fundamental biological differences between males and females. Separating between sexes ensures that each sex has equal opportunity to participate in athletics. Men have similar advantages in skiing, tennis, swimming, jumping, throwing, which means it would impact just about all team sports, including soccer, lacrosse, hockey, basketball, rugby, volleyball, and the list goes on.

    But it is necessary to make sure those accomplishments continue. Policymakers have worked with educators and community leaders to make sure that both men and women have access to athletic programs. However, they should do so in a manner that ensures that biological women are not disadvantaged and displaced. Leaders of sports leagues and communities are seeking to find nuanced solutions.