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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50 POLITICAL ECONOMY buying other things with the twelve pence, namely 120 units. The clear loss is 90 units. Most psychologists (who are scientists devoted to the study of mental phenomena) would maintain that you cannot add the consumer's surplus of one person to the con sumer’s surplus of another person, because no relations subsist between the utilities enjoyed by different persons. There is no common denominator to connect my preference for golf, when the alternative is cricket, with the preference of somebody else for pictures as compared with statuary. Utility in economics, it is argued, should be regarded simply as an objective representation of the fact of choice and not as implying that a choice of mine can be brought into preferential relation ship with a choice expressed by anybody else. We must not assume that choice is measurable in units of utility that are the same for all. This consideration affords sure foothold for the opinion commonly held that price, while it measures the marginal utilities of things to one individual, does not measure marginal utilities as between different individuals. But, in support of this opinion, considerations can also be adduced from the utilitarian point of view which, given that point of view, are unassailable. Even were there such

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