STANLEY JEVONS Meaning and
Definition
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Stanley Jevons was a prominent British economist and logician, born in 1835 and with a significant influence on the field of economics during the late 19th century. He is best known for his contributions to the marginal revolution in economics and the development of the theory of marginal utility.
Jevons argued that individuals make decisions based on the marginal utility, which is the additional satisfaction or benefit derived from consuming one more unit of a good or service. He believed that marginal utility diminishes as more units of a good are consumed, leading to the principle of diminishing marginal utility. This insight challenged the classical theory of value, which was based on the labor theory of value.
Moreover, Jevons introduced mathematical methods and statistical analysis into economic research, emphasizing the necessity of quantitative techniques for understanding economic phenomena. He applied these tools to study topics such as business cycles, monetary policy, and the theory of exchange.
Jevons's work on the relation between utility and the allocation of resources laid the foundation for modern neoclassical economics. His concepts and ideas continue to be influential in contemporary economic theories, particularly in microeconomic analysis. Stanley Jevons made significant contributions to the field of economics, revolutionizing the understanding of utility, value, and the use of quantitative methods in economic research.
