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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.
William Stanley Jevons
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William Stanley Jevons
Age: 46 †
Born: 1835
Born: September 1
Died: 1882
Died: August 13
Economist
Philosopher
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City of Liverpool
Jevons
William Stanley
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More quotes by William Stanley Jevons
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.
William Stanley Jevons
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
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
I feel quite unable to adopt the opinion that the moment goods pass into the possession of the consumer they cease altogether to have the attributes of capital.
William Stanley Jevons
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.
William Stanley Jevons
Economists can never be free of from difficulties unless they will distinguish between a theory and the application of a theory.
William Stanley Jevons
One pound invested for five years gives the same result as five pounds invested for one year, the product being five pound years.
William Stanley Jevons
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.
William Stanley Jevons
Science arises from the discovery of Identity amid Diversity.
William Stanley Jevons
The difficulties of economics are mainly the difficulties of conceiving clearly and fully the conditions of utility.
William Stanley Jevons
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.
William Stanley Jevons
The child which overbalances itself in learning to walk is experimenting on the law of gravity.
William Stanley Jevons
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.
William Stanley Jevons
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.
William Stanley Jevons
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.
William Stanley Jevons
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.
William Stanley Jevons
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.
William Stanley Jevons
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.
William Stanley Jevons
Repeated reflection and inquiry have led me to the somewhat novel opinion, that value depends entirely upon utility.
William Stanley Jevons
The calculus of utility aims at supplying the ordinary wants of man at the least cost of labour.
William Stanley Jevons
