William Stanley Jevons on Utility

“Repeated reflection and inquiry have led me to the somewhat novel opinion, that value depends entirely upon utility.”

“The difficulties of economics are mainly the difficulties of conceiving clearly and fully the conditions of utility.”

“My principal work now lies in tracing out the exact nature and conditions of utility. It seems strange indeed that economists have not bestowed more minute attention on a subject which doubtless furnishes the true key to the problems of economics.”

“One of the most important axioms is, that as the quantity of any commodity, for instance, plain food, which a man has to consume, increases, so the utility or benefit derived from the last portion used decreases in degree. The decrease in enjoyment between the beginning and the end of a meal may be taken as an example.”