Economists can never be free of from difficulties unless they will distinguish between a theory and the application of a theory.
William Stanley Jevons
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Other quotes of William Stanley Jevons
Value is the most invincible and impalpable of ghosts, and comes and goes unthought of, while the visible and dense matter remains as it was.
A little experience is worth much argument; a few facts are better than any theory.
The difficulties of economics are mainly the difficulties of conceiving clearly and fully the conditions of utility.
we often observe that there is abundance of capital to be had at low rates of interest, while there are also large numbers of artisans starving for want of employment.
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.
Logic should no longer be considered an elegant and learned accomplishment; it should take its place as an indispensable study for every well-informed person.
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.
but, in reality, there is no such thing as an exact science.
A correct theory is the first step towards improvement, by showing what we need and what we might accomplish.
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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