"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. And I assume that on an average, the ratio of utility is some continuous mathematical function of the quantity of commodity. This law of utility has, in fact, always been assumed by political economists under the more complex form and name of the Law of Supply and Demand. But once fairly stated in its simple form, it opens up the whole of the subject."
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Philosophers from EnglandEconomists from EnglandNon-fiction authors from EnglandLogicians from EnglandPeople from Liverpool
Original Language: English
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Letter to his brother (1 June 1860), published in Letters and Journal of W. Stanley Jevons (1886), edited by Harriet A. Jevons, his wife, p. 151.
https://en.wikiquote.org/wiki/William_Stanley_Jevons
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William Stanley Jevons
William Stanley Jevons (1 September 1835 – 13 August 1882) was an English economist and logician.
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