Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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DEMAND 51 things as units of utility the same for me as for any other person, the marginal utility of a thing for which he and I paid the same price would not necessarily be the same for both of us since we might differ in respect of tastes and intensity, of wants and he might be the wealthier. As a person gets wealthier, the marginal utility of money to him falls, other things being equal. The conclusion to which the argument of this paragraph meanders is that the surplus in utility enjoyed by a group of consumers of a commodity is an assemblage of diverse things which cannot be added to one another to make up a think able whole. Consumer’s surplus is more easily compre hensible when we think of it in terms of money. We may then define it as the difference between what a person does give for a thing and what he would give rather than be deprived of the thing altogether. If I would give £45 for a piano upon which I have set my heart, and am able to buy it for £20, I enjoy a consumer’s surplus of £25 on my acquisition. The £25 stands for what I have saved in view of the fact that I was not compelled to give as much for the piano as I was prepared to give. Simi larly we may interpret the surplus in the case of the apples already treated in terms of utility.

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