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

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In matters of philosophy and science authority has ever been the great opponent of truth. A despotic calm is usually the triumph of error. In the republic of the sciences sedition and even anarchy are beneficial in the long run to the greatest happiness of the greatest number.
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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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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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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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In any case I hold that there must arise a science of the development of economic forms and relations.
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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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An isolated man like Alexander Selkirk might feel the benefit of a stock of provisions, tools and other means of facilitating industry, although cut off from traffic, with other men.
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There are a multitude of allied branches of knowledge connected with mans condition the relation of these to political economy is analogous to the connexion of mechanics, astronomy, optics, sound, heat, and every other branch more or less of physical science, with pure mathematics.
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Value is the most invincible and impalpable of ghosts, and comes and goes unthought of, while the visible and dense matter remains as it was.
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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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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.
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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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By a commodity we shall understand any object, substance, action or service, which can afford pleasure or ward off pain.
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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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I protest against deference to any man, whether John Stuart Mill, or Adam Smith, or Aristotle, being allowed to check inquiry. Our science has become far too much a stagnant one, in which opinions rather than experience and reason are appealed to.
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There is no such thing as absolute cost of labour it is all a matter of comparison. Every one gets the most which he can for his exertions some can get little or nothing, because they have not sufficient strength, knowledge or ingenuity others get much, because they have, comparatively speaking, a monopoly of certain powers.
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