“I had been on
the island eighteen years before I saw the first footprint. I had been there
twenty-three years before I saw any other signs of savages. It was likely that
many more years would pass before any harm should come to me”
This week’s
reading of Robinson Crusoe rendered fragments to reinforce the concept I talked
about last time, satiation point.
Last week I said
that Robinson had reached the satiation point within the confines of the Island².
That is to say Robinson wasn’t quite satiated, after all he would very much
enjoy leaving the Island, if he dared. But, as we’ve seen, he stopped daring to
undertake such an adventure after his first attempt to do so. Nevertheless,
once he gave up the idea of leaving the Economic Island, he managed to harvest
and produce everything he needed, thus reaching satiation point.
However, when
savages arrived at the Island in order to have their feast, not only they ate
human beings, for they were cannibals; but, economically thinking, they
actually ate Robinson Crusoe’s satiation point:
2 Or the confines of the model, in economic analysis. That is, as I’ve
pointed last week, when we let one of the goods be a composite good, the
satiation point becomes unreachable. But, for a limited set of goods, satiation
point is reasonable. That’s why Robinson’s story is so insightful to economists;
it actually portrays a limited set of options and isolation of social
influence, which is pretty much the starting point of microeconomics.
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