marginal utility

["Alan G. Isaac" <aisaac@xxxxxxxxxxxx>]

On Sun, 27 May 2001, Clifford Poirot wrote:
> Surely we can define full employment without recourse to such a dubious
> concept as "marginal utility" (or disutility).

Cliff,

I am no advocate of neoclassical utility theory, but
please explain how marginal utility is a ``dubious
concept'' rather than a useful but static simplification for
understanding some basic considerations of choice.
In the process you might comment on the difference
between what you're willing to pay for a glass of water
and what you're willing to pay for a glass of wine.

Alan Isaac