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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.

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
Known
Gain
Exchanged
Point
Gains
Criterion
Rate
Equilibrium
Neither
Utility
Loss
Addition
Amount
Criteria
Bring
Infinitely
Small
Commodity

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As there are so many who talk prose without knowing it, or, again, who syllogize without having the least idea what a syllogism is, so economists have long been mathematicians without being aware of the fact.
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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 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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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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The whole result of continued labour is not often consumed and enjoyed in a moment the result generally lasts for a certain length of time. We must then conceive the capital as being progressively uninvested.
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Property is only another name for monopoly.
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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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The child which overbalances itself in learning to walk is experimenting on the law of gravity.
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We shall never have a science of economics unless we learn to discern the operation of law even among the most perplexing complications and apparent interruptions.
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Capital simply allows us to expend labour in advance.
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PLEASURE and pain are undoubtedly the ultimate objects of the calculus of economics. To satisfy our wants to the utmost with the least effort - to procure the greatest amount of what is desirable at the expense of the least that is undesirable - in other words, to maximize pleasure, is the problem of economics.
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It is clear that Economics, if it is to be a science at all, must be a mathematical science ... simply because it deals with quantities... As the complete theory of almost every other science involves the use of calculus, so we cannot have a true theory of Economics without its aid.
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Science arises from the discovery of Identity amid Diversity.
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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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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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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.
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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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Many persons entertain a prejudice against mathematical language, arising out of a confusion between the ideas of a mathematical science and an exact science. ...in reality, there is no such thing as an exact science.
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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.
William Stanley Jevons