Definition

Proper noun: - William Stanley Jevons: An English economist and logician. He is a significant figure in the history of economic thought, known for his contributions to the development of the theory of marginal utility, which is a cornerstone of neoclassical economics. He also made important contributions to the field of logic and the study of business cycles.

Usage Examples

• Proper noun:
  • The economic theories of William Stanley Jevons helped shape modern microeconomics.
  • In his book The Theory of Political Economy, William Stanley Jevons introduced his formulation of marginal utility.
  • Historians of science study William Stanley Jevons for his work on logic and scientific method.

Advanced Usage

• "Jevons paradox": An economic concept named after William Stanley Jevons. It posits that technological progress that increases the efficiency of using a resource can lead to an in the overall consumption of that resource, rather than a decrease.
  • The Jevons paradox suggests that more fuel-efficient engines could lead to greater total fuel use.

Variants and Related Words

• Jevonian (adj): Pertaining to William Stanley Jevons or his economic theories.
  • The Jevonian approach to utility differed from that of the classical school.

Synonyms

• Jevons: A common shorthand reference to the economist.
• W. S. Jevons: A standard abbreviated form of his name.

Related Concepts

• Marginal utility: The additional satisfaction or benefit gained from consuming one more unit of a good or service, a concept he helped pioneer.
• Neoclassical economics: The school of economic thought to which Jevons is considered a founding contributor, alongside Carl Menger and Léon Walras.

Noun

1. English economist and logician who contributed to the development of the theory of marginal utility (1835-1882)