William Stanley Jevons Quotes About 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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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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The difficulties of economics are mainly the difficulties of conceiving clearly and fully the conditions of utility.
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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.
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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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Repeated reflection and inquiry have led me to the somewhat novel opinion, that value depends entirely upon utility.
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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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