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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34 POLITICAL ECONOMY was regarded as measurable. The so-called Psychological Utilitarians used to hold that we were impelled to our actions by this feeling element as motive force, and by its opposite ; and the Ethical Utilitarians main tained in addition that it was right to allow ourselves so to be governed provided that the distribution of pleasure corresponded with the then conceptions of equity. To-day cautious psychologists shun dogmatising about the impulses which set on foot human action ; and the economist has, therefore, learnt, or should have learnt, so to lay the foundations of his science in demand that no special views on the determination of human action are implied, and his science is not left in compromising company. The only thing of which we can be quite sure is that people choose one course of action to the rejection of another, and choose to buy one thing rather than another. When people select in this way, we may say that they exercise preference. Preference is the fundamental fact with which the economist begins the construction of his Science of Consumption. And it must be firmly grasped that the existence of preferences does not imply that people always seek self-gratification. We work for others as well as ourselves, and

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