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Evolution of Economics


William Stanley Jevons:
General Mathematical Theory of Political Economy (1866)

...the nature of a Theory of Economy ... will reduce the main problem of this science to a mathematical form. ... A true theory of economy can only be attained by going back to the great springs of human action -- the feelings of pleasure and pain. ... Economy investigates the relations of ordinary pleasures and pains ... Our estimation of the comparative amounts of feeling is performed in the act of choice or volition. Our choice of one course out of two or more proves that, in our estimation, this course promises the greatest balance of pleasure. ...  Pleasure and pain, of course, are opposed as positive and negative quantities.  



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