As I finished my fifth MBA class and continued my fight against thought atrophy, my near drowning in economic theory left my mind wandering (actually, more like running) from GDP, fiscal policy, and supply and demand. My sincere apologies to Professor Platt for straying, but I found that some of the concepts applied to everyday life in ways that the textbooks most likely didn't intend.
'Marginal utility' is basically the measure of how much satisfaction, or how much use, you get out of having more and more of something. In economics, it's about a consumer's demand for a product or a service as more is available (and as expected, there is even a formula)...but I started to suspect there is more to it than that.
There was this example about eating your favorite ice cream, and how, if given another one right after you finished the first, you'd enjoy it much less. As I read on about 'diminishing' marginal utility and the fact that satisfaction and pleasure eventually decrease with availability, I wondered whether this could be the root to some of the boredom and apathy and unhappiness in our lives.
In our jobs and our daily activities and our relationships, there is a repetitiveness that can stagnate. Remember the first few months of a new position at work or the first run outside after a long winter or getting to know someone new? There is an excitement that seems to fade over time, or in the case of utility, diminishes as you get more. Sure there are times when you should get a new job, find a different hobby, or end a relationship, but there are plenty more times when you should find freedom in the familiar and work hard to keep it fresh. When it starts to feel like a chore, it's time to act.
As the routine of a job kicks in, when you think you've mastered it, recognize the opportunity the mastery offers to push the envelope and make major change...or maybe, you've only scratched the surface of the learning. When you look at your running shoes and feel unmotivated, find a new running route. If there doesn't seem like there is anything to talk about with your old friend or your spouse, celebrate and remember what brought you together and how there is so much more to learn about them.
Having more can make you a little lazy. This works its way into all sorts of things. This week, make the effort to see the familar in a new way (or simply take a moment to appreciate it the way it is), and you may be surprised to find that you can't get too much of a good thing.
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