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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36 POLITICAL ECONOMY utility and the possession of individual goods. We are in danger of slipping into making baseless assumptions, and therefore of reaching unwarranted conclusions, when we rashly skip examining experience in the mass and hasten to deal at once with questions of detail. Let us ask then, What is the relation between utility and income ? bearing in mind that utility is to be taken simply as a label objectively representative of choice. There can be no doubt that in all ordin ary cases the utility which we get out of our incomes increases at a diminishing rate as income increases, at least after a time. We know this directly from our every day experiences, and it is not difficult to find subjective reasons for it. We always try instinctively to assuage our most rgent cravings first ; consequently when fortune brings us an augmentation of income we realise, if we have not realised it before, that the desires left to be appeased are less intense than those which received prior attention. There are cases to which the generalisation does not apply, for instance, cases in which the whole character of a person’s life is altered when his income has reached a certain figure, but such exceptions may be neglected for present purposes. The declaration that an

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