Choices therefore reflect opinions on values which lead to different policy recommendations on how to raise welfare. The old ‘law of diminishing utility’ thus leads securely to the proposition: Any cause which increases the absolute share of real income in the hands of the poor, provided that it does not lead to a contraction in the size of the national dividend from any point of view, will, in general, increase economic welfare.” See Layard et al. ( This part of it will not be destroyed if the incomes of all rich people are diminished together.