In the field of Economics, the Law of Diminishing Marginal Utility is a topic I am interested in.I'd like to call it the Law of Diminishing Satisfaction.
Investopedia defines this as a law of economics stating that as a person increases consumption of a product - while keeping consumption of other products constant - there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
Don't be fooled by the all-you-can eat buffet restaurants, they are using this law to their advantage. They know that people are willing to pay a higher amount,than they would if they pay per food,on the thought of eating infinite amount of food. Buffet owners also know that consumer can't eat more than they can. They are laughing their way to the banks. I don't hate buffet restaurants at all, it's just when you know how stuffs work, you get a better understanding on how it's done and you would know if you are really saving money or if it is just another marketing scheme.
I'll give you an example of how this law happens to our daily lives.
|Binignit in Cebuano|
Ginataan in Tagalog
You think more money can make you happy. Why studies point that wealthiest nations are not the happiest? We keep telling ourselves if only we have more money we would be happy not knowing the more money is not the solution but knowing that money is just a tool to meet our basic needs (food, shelter, clothing). When we reach to the point of meeting our basic needs, with a little wiggle room to be comfortable, the utility for money begins to diminish and yet, we keep telling ourselves that we need more. You might say "If only I'll have a car then I will be happy" not knowing by the time you get a car, you would move on to the next "If only I have this and that, then I will be happy". Satisfaction is indeed elusive coz we move on from one want to another want.
No matter what we do, if we don't know how much enough is, then we would be like an experimental rat in a maze, going in circles wasting our time on stuffs that aren't worth it. Why don't we stop and appreciate the things we have? The more we savor the stuffs we have, rather than drooling over stuffs we can't afford,the more we are going to increase the worth of things around us.
Stop and smell the flower. Savor it.