Political economy (eBook)

William Stanley Jevons (1835–1882) was a pioneering British economist and logician, instrumental in the Marginal Revolution and the early development of neoclassical economics. As a polymath, he also delved into subjects as diverse as logic, meteorology, and the problem of coal depletion in Britain. Jevons's most outstanding contribution to economics is encapsulated in 'The Theory of Political Economy' (1871), where he expounded on the concept of marginal utility and its impact on price formation. His innovative approach laid the groundwork for utility theory in economics, highlighting the subjective nature of value and its role in economic decision-making. Renowned for his application of statistical methods to economic data, Jevons also wrote 'The Coal Question' (1865), which analyzed the sustainability of coal production and its implications for economic growth. Jevons's intellectual rigour and methodological contributions were foundational in transforming economics into a more scientific discipline, underpinning the analysis of consumer behaviour and market dynamics. His clear, analytical, and often quantitative literary style mirrored the precision he demanded in economic reasoning, and his legacy continues to influence economic thought to this day.