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 35 frequently, for the best of motives, choose to do what we do not like. It happens, however, that it is exceedingly inconvenient to speak of demand in terms of preferences, because bare preferences are expressible only in ratios, which are more awkward to handle than simple whole num bers. It is, therefore, customary to write of the utilities of things instead of the prefer ences for things, and to say, when one thing is preferred to another, that the thing preferred has greater utility than the other. For the sake of brevity I shall hereafter write in variably about utilities, but I shall understand by them merely the quantitative, objective expressions of preference ; and the student would act prudently if he got into the habit, on reading about utilities, of registering a mental note to the effect that they do not convey any particular doctrine with regard to the determination of human action, but are merely symbols standing for the facts of choice. We may now proceed to amplify and qualify the statement that the utility of things diminishes as we get additional supplies of them. We had better begin by carefully scrutinizing the management of income as a whole, and afterwards concentrate on a microscopic analysis of the relation between

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