PRESIDENT'S ESSAY
Augustine the Marginalist
POSTED
February 18, 2008

In City of God, 11.16, Augustine observes the reality of marginal utility: “So far as the freedom of judgment is concerned . . . the reason of the thoughtful man is far different from the necessity of one who is in need, or the desire of the pleasure-seeker. For reason considers what value a thing has in itself, as part of the order of nature, whereas necessity considers how to obtain what will meet its need.”

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