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The calculus of utility aims at supplying the ordinary wants of man at the least cost of labour.

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
Men
Aims
Utility
Labour
Aim
Ordinary
Cost
Wants
Supplying
Least
Calculus

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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 difficulties of economics are mainly the difficulties of conceiving clearly and fully the conditions of utility.
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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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The child which overbalances itself in learning to walk is experimenting on the law of gravity.
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Some of the gold possessed by the Romans is doubtless mixed with what we now possess and some small part of it will be handed down as long as the human race exists.
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Capital simply allows us to expend labour in advance.
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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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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 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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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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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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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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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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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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Repeated reflection and inquiry have led me to the somewhat novel opinion, that value depends entirely upon utility.
William Stanley Jevons
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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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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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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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Property is only another name for monopoly.
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