And since I am here tweeting abt marginality, ok why not rehearse my theory of why econ growth is bounded for the novel (as far as I know) reasons of

- diminishing marginal utility
- time is limited.

The combined logical consequence of these two is fascinating.

Mini-thread:

1 Diminishing marginal utility is the accepted phenomenon that utility to consumers of the 10th orange is less than the 1st orange.

We may say all 'individual stocks of goods exhibit diminishing marginal utility'.

So, how would welfare increase indefinitely?

2 For welfare to increase indefinitely, according to the economics premise that desires are infinite - if we accept that diminishing marginal utility holds for any individual stock (ie collection of a type) of goods - we need to ... increase the number individual stocks of goods.

3 This means, to increase welfare, we increase the number of /individual stocks/ ie individual types goods that we consume, since any one stock maxes out as diminishing marginal utility kicks in.

That seems to match the nature of the modern economy - more types of goods.

4 The problem here is that we have to assume that to extract utility from an individual stock of goods we must spend /some time/ with it, ie that the act of purchasing the goods is not the derivation of welfare itself.

This is pretty obvious, although theory is lacking.

5 That is the buying-consumption of a bed, or cup, or car, or house, or book, or food, is not itself the satisfaction of preferences, some action-consumption is required.

This action consumption must, per natural science, take /some time/, no matter what it is.

6 And so, if all our consumption actions, required to extract some utility for each stock of goods, take some time, there is a logical impasse between the 'growth of the individual stocks of goods requirement' and ... the 24 hours in the day

Economic growth has a natural limit.

I don't know that anyone has observed this, and it's based o rudimentary wiring up of basic premises of growth and consumption.

Diminishing marginal utility x 24 hrs = block on growth.

Come at me econ bros.