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we often observe that there is abundance of capital to be had at low rates of interest, while there are also large numbers of artisans starving for want of employment.

William Stanley Jevons

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William Stanley Jevons
Age: 46 †
Born: 1835
Born: September 1
Died: 1882
Died: August 13
Economist
Philosopher
Photographer
Statistician
City of Liverpool
Jevons
William Stanley
Interest
Observe
Often
Employment
Also
Abundance
Capital
Lows
Rate
Artisans
Large
Rates
Numbers
Starving

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I consider that interest is determined by the increment of produce which it enables a labourer to obtain, and is altogether independent of the total return which he receives for this labour.
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Ina regular and constant employment the greatest result will always be gained by such a rate as allows a workman each day,or each week at the most, to recover all fatigue and recommence with an undiminished store of energy.
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By a commodity we shall understand any object, substance, action or service, which can afford pleasure or ward off pain.
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What capital I give for the spade merely replaces what the manufacturer had already invested in the expectation that the spade would be needed.
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Logic is not only an exact science, but is the most simple and elementary of all sciences it ought therefore undoubtedly to find some place in every course of education.
William Stanley Jevons
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The child which overbalances itself in learning to walk is experimenting on the law of gravity.
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Economists can never be free of from difficulties unless they will distinguish between a theory and the application of a theory.
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There are many portions of economical doctrine which appear to me as scientific in form as they are consonant with facts.
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One of the most important axioms is, that as the quantity of any commodity, for instance, plain food, which a man has to consume, increases, so the utility or benefit derived from the last portion used decreases in degree. The decrease in enjoyment between the beginning and the end of a meal may be taken as an example.
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One of the first and most difficult steps in a science is to conceive clearly the nature of the magnitudes about which we are arguing.
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The point of equilibrium will be known by the criterion that an infinitely small amount of commodity exchanged in addition, at the same rate, will bring neither gain nor loss of utility.
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As a general rule, it is foolish to do just what other people are doing, because there are almost sure to be too many people doing the same thing.
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In short, I do not write for mathematicians, nor as a mathematician, but as an economist wishing to convince other economists that their science can only be satisfactorily treated on an explicitly mathematical basis.
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Capital simply allows us to expend labour in advance.
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It isrequisite from time to time to remind one generation of the experience which led a former generation to important legislative actions.
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The difficulties of economics are mainly the difficulties of conceiving clearly and fully the conditions of utility.
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The calculus of utility aims at supplying the ordinary wants of man at the least cost of labour.
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My principal work now lies in tracing out the exact nature and conditions of utility. It seems strange indeed that economists have not bestowed more minute attention on a subject which doubtless furnishes the true key to the problems of economics.
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Fertility of imagination and abundance of guesses at truth are among the first requisites of discovery but the erroneous guesses must almost of necessity be many times as numerous as those which prove well founded.
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The theory which follows is entirely based on a calculus of pleasure and pain and the object of economics is to maximize happiness by purchasing pleasure, as it were, at the lowest cost of pain.
William Stanley Jevons