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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46 POLITICAL ECONOMY of action against one another. It would seem to imply the conception of a person simply as an economic registering machine which automatically reacts. This would be an altogether incorrect conception. In the first place the individual does not merely register utilities objectively presented to him ; on the contrary he creates the utilities of which he takes account. It is his disposition and his purpose in life which determine what things shall have much value to him and what things little value. In the second place the registration of utilities, which are to be regarded as the product of a person’s character and his contact with external nature, takes place to a large extent implicitly. Of much of our balancing of utilities we are unconscious ; the operation only becomes a deliberate one when the expenditure of comparatively large sums is involved. And in the third place this qualification of our doctrine must be admitted, that, as regards things which are very cheap in relation to our incomes, no doubt we make no attempt to bring their marginal utilities into relation with the marginal utilities of more expensive things. We must always remember, not only that an individual’s demands are the outcome of his upbringing and his surroundings as well

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