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Criticism of the Law of Diminishing Marginal Utility


Though the law expresses a universal tendency of consumer’s introspective behaviour, its traditional exposition has been criticized on various counts. 
  • The traditional or Marshallian explanation of the law presumes the cardinal measurement of utility. The law assumes that utility can be numerically measured added or subtracted. This is rather not convincing because utility being a subjective or introspective phenomena cannot be measured numerically. It is a feeling experienced by the consumer. We cannot therefore have a objective measure of a subjective feeling. 

Note: This is published for the internal use (of St. Philomena's College students) only and hence requires verification. 
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