Jevons, William Stanley

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Related to William Stanley Jevons: Vilfredo Pareto, John Stuart Mill, Irving Fisher

Jevons, William Stanley

(1835–82) an English economist who developed UTILITY theory in his book The Theory of Political Economy (1871). Jevons rejected the idea that the value of a good depends upon the labour needed to produce it and argued instead that value depends upon the individual consumer's subjective evaluation of the utility of a good. He suggested that goods are valuable only if they provide utility and that labour and other factors of production become valuable when they are used to produce these goods. Specifically, he showed that a consumer will increase purchases of goods until the MARGINAL UTILITY gained from the last pennyworth of one good equals the marginal quality of the last pennyworth of every other good.

Jevons was also particularly interested in linking statistical analysis with theoretical analysis in economics, and he developed statistical series on production in Britain over a long period to try to determine the cause of BUSINESS CYCLES.

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79) William Stanley Jevons, The Theory of Political Economy, ed.
Papers Papers and Correspondence of William Stanley Jevons [Black and Konekamp, 1972; Black 1973-81].
Este concepto en la version de William Stanley Jevons, permitio elaborar una teoria del intercambio y de los factores que fue la base para el desarrollo de algunos conceptos referidos a la eficacia economica tales como la soberania del consumidor, entre otros.
This paper intends to critically review three significant and controversial aspects of Bohm-Bawerk's history, namely his views on 'Turgot's Fructification Theory' (Book I, chapter III) and 'the minor systems' developed by persons described by Bohm-Bawerk as 'eclectics', that is, John Stuart Mill and William Stanley Jevons.