There are 168 hours in a week, so why do people not work all 168 of those hours making money?
The first hour you work and the money that follows is always more impotent than the next hour; the second hour is more important than the third and so on.
The meeting place is usually when needs are met and a certain amount of desired widgets are satisfied.
This effects public policy by giving a better understanding to the Laffer Curve. If much of your needs are met before taxes are started, then a greater percentage rate is required on desired widgets in the high income levels. If 50% of your dollar is taken away in taxes, one would be less inclined to work that extra hour since the extra money is just for something wanted, not needed .
From David Friedman