William Stanley Jevons (1835–82) was an English economist and logician, known for his work in marginal utility theory, economic methodology, and logic. His contributions shaped neoclassical economics, influencing Alfred Marshall and Irving Fisher.
Born in Liverpool, England, he studied natural sciences at University College London but left in 1854 to work as an assayer in Sydney, Australia. During this time, he developed an interest in political economy, returning to England in 1859 to complete his studies.
His publications include A General Mathematical Theory of Political Economy (1862,) introducing mathematical methods in economics; The Coal Question (1865,) warning of Britain’s coal depletion; and The Theory of Political Economy (1871,) expanding marginal utility theory. Other works include Principles of Science (1874,) exploring logic and scientific methodology, and The State in Relation to Labour (1882,) discussing government intervention in labor markets.
Jevons’ marginal utility theory revolutionized economic thought, arguing that value depends on utility rather than labor. His Jevons paradox suggests increased efficiency leads to greater resource consumption.
More: Wikipedia • READ: Works by William Stanley Jevons
Value is the most invincible and impalpable of ghosts, and comes and goes unthought of while the visible and dense matter remains as it was.
—William Stanley Jevons
Topics: Value
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