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Olduvai III: Catacylsm
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Does Subjective Valuation Mean Arbitrary Valuation?

DOES SUBJECTIVE VALUATION MEAN ARBITRARY VALUATION? Why do individuals pay much higher prices for some goods versus other goods? The common reply to this is the law of supply and demand. However, what is behind this law? To provide an answer to this question economists refer to the law of diminishing marginal utility. Mainstream economics […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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