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

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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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Capital simply allows us to expend labour in advance.
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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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Labour once spent has no influence on the future value of any article it isgone and lost for ever. In commerce bygones are forever bygones and we are alwaysstarting clearat each moment, judging the values of things with a view to future 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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In any case I hold that there must arise a science of the development of economic forms and relations.
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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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You will perceive that economy, scientifically speaking, is a very contracted science it is in fact a sort of vague mathematics which calculates the causes and effects of man's industry, and shows how it may be best applied.
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Logic should no longer be considered an elegant and learned accomplishment it should take its place as an indispensable study for every well-informed person.
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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.
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The child which overbalances itself in learning to walk is experimenting on the law of gravity.
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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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Science arises from the discovery of Identity amid Diversity.
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A little experience is worth much argument a few facts are better than any theory.
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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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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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It is clear that economics, if it is to be a science at all, must be a mathematical 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.
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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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Among minor alterations, I may mention the substitution for the name political economy of the single convenient term economics. I cannot help thinking that it would be well to discard, as quickly as possible, the old troublesome double-worded name of our science.
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