True, though I think many people have the intuition that returns diminish faster than log (at least given current tech).
For example, most people think increasing their income from $10k to $20k would do more for their material wellbeing than increasing it from $1bn to $2bn.
I think the key issue is whether new tech makes it easier to buy huge amounts of utility, or that people want to satisfy other preferences beyond material wellbeing (which may have log or even close to linear returns).
True, though I think many people have the intuition that returns diminish faster than log (at least given current tech).
For example, most people think increasing their income from $10k to $20k would do more for their material wellbeing than increasing it from $1bn to $2bn.
I think the key issue is whether new tech makes it easier to buy huge amounts of utility, or that people want to satisfy other preferences beyond material wellbeing (which may have log or even close to linear returns).