Theory Of Stanley Jevons

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William Stanley Jevons was born (1835-1882) in Liverpool, England. He was an English economist, logician and statistician. Jevons published several books on logic and became a professor of logic, political economy and philosophy. He published the Theory of political economy in 1871. At the age of 47, he drowned while swimming. He developed the law of diminishing marginal utility. Subjective pleasure or satisfaction was estimated only by observing human behaviour and noting human preference. He was a utilitarian and he treated economics as a calculus of pleasure and pain. Most of his economic theory was based on the foundation of utility analysis. Jevons said utility cannot be measured directly. He rejected any attempt to compare the intensity of pleasure or pain among different people. But a single individual can compare utilities of successive units of a single good and can compare the marginal utilities of several goods. To compare the marginal utility , Jevons devised a theory with the use of a graph. He used it to illustrate his "law of variation of the final degree of utility...

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