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Explanation
The Joke
A person being tortured in Hell laughs at the Devil and shouts: "HAHAHAHA! The effectiveness of your torture obeys the law of diminishing marginal utility!" The caption below reads: "Economists are no longer welcome in Hell."
The Humor
The comic applies the economic concept of diminishing marginal utility to the experience of being tortured in Hell. Diminishing marginal utility states that each additional unit of something provides less satisfaction (or in this case, less additional suffering) than the previous one. The economist is pointing out that the longer the torture continues, the less effective each additional moment of torture becomes, because the victim grows accustomed to it. This is funny because it turns the ultimate punishment -- eternal damnation -- into a problem that can be analyzed and essentially defeated through basic economic theory. The Devil is annoyed not because the argument is wrong, but because it undermines the entire point of Hell. The caption, "Economists are no longer welcome in Hell," implies that this economist ruined the experience for everyone, much like how economists are sometimes accused of sucking the joy (or in this case, the suffering) out of everything by reducing it to rational analysis.
References
The law of diminishing marginal utility is a foundational concept in microeconomics, first formally articulated in the 19th century by economists like William Stanley Jevons, Carl Menger, and Leon Walras. It states that as consumption of a good increases, the marginal benefit derived from each additional unit decreases.