Note 218 — Chapter XI · THE ULTIMATE RELATION OF COST TO VALUE

Professor v. Wieser explains that the reason why we attribute a superior importance to a good that has marginal utility as compared with a good that is superabundant, is because we have a “natural indifference” toward goods in general, which can only be overcome when the good is so scarce that its absence would decrease our satisfactions. Natural Value, p. 29. This would seem to be explaining the thing by itself. The ultimate origin of this “natural indifference” is what calls for explanation.