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Alfred Marshall: 2 ideas worth knowing

2 ideas from Alfred Marshall, each explained in a minute and credited to the original work. Free on Savvy.

• The tenth slice of pizza never feels as good as the first

  Each additional unit of something you consume tends to deliver less added satisfaction than the one before it — the first cold drink on a hot day is transformative, the fifth barel…

  — Alfred Marshall, Principles of Economics

• When bread got more expensive, some of the poorest Victorians bought even more of it

  Ordinary demand theory says people buy less of something as its price rises, but economist Alfred Marshall credited Robert Giffen with a reversal among very poor households: when b…

  — Alfred Marshall, Principles of Economics

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