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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38 POLITICAL ECONOMY The utilities of certain things are closely dependent upon the supplies that we possess of other things, and as the supplies of these other things become more abundant the value of the first things might appreciate or depreciate. Consequently we must not affirm that to any individual so much of a given article means so much utility quite regardless of the degree and nature of his opulence. Finally it must be remarked that the generalisation known as the law of diminish ing utility is commonly understood to apply to the second case considered above and to allege that, income being constant, additional supplies of one article add to satisfaction at a diminishing rate. It is very necessary that the distinction implied above between total utility and marginal utility should be made explicit. With reference to income, total utility is the sum of satisfaction which we derive from our aggregate outlay, while marginal utility is the addition made to total utility by the addition of another unit of income, say, by supplementing income to the extent of a shilling or a sovereign. Any unit of income that we please may be taken, provided that we make it very small in relation to the sum total of income. With reference to particular

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