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 37 enlarged income is not accompanied by a proportional access of utility may be called the law of the diminishing utility of income. Our first step in analysis having been com pleted, we may now pass on to inquire whether any propositions can be laid down connecting the utility of individual things with the quan tity of them that a person possesses. It will be discerned at once that this enquiry can be con ducted on three different assumptions. It may be supposed (1) that the person’s possession of other things remains as before ; (2) that the person’s income remains as before, except for the addition of further increments of the article in question, but that the person is at liberty to rearrange the expenditure of his income laid out on other things if he so desire, or (3) that his income and the way in which it is spent may vary. In the first case it is unquestionable that the utility enjoyed by the person can only increase, if it increases at all, at a diminishing rate very soon after consumption begins. Minute sup plies of a thing might at first simply whet the individual’s appetite if they had any effect at all, but as supplies increased they would take from the keenness of its edge. ' The same conclusion holds of the second case. But about the third case there is some doubt.

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