William Stanley Jevons

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William Stanley Jevons William Stanley Jevons, born on the first of September 1835 in Liverpool, England, is credited with the compiling of several other great economist's works into a single book, The Theory of Political Economy as well as his work in the field of Marginal economics. Jevons is best known for The Coal Question as well as A Serious Fall in the Value of Gold, Both which deal with his theory of his marginal theory in real world applications. Jevons is also remembered for his work in logic and science. Jevons contribution to modern economics was the heavy use of math and statistics in economic thought. Jevons was raised up in a middle class family. His father was an Iron Merchant, and his mother was the daughter of notable anti-slavery activist William Roscoe. In 1847, his fathers business collapsed with the Railway Boom Crisis of 1847. Jevons was sent to the University College in London in 1950, and studied chemistry, as well as mathematics and logic. In 1854, without his degree from the school, Jevons moved to Australia to become the assayer at the mint in Melbourne. In Australia Jevons studied a plethora of fields that included chemistry, business, and meteorology. In 1859, Jevons returned to England, where he completed his education. In 1863, he became a tutor for Owens College, and a lecturer on political economy and logic (Mosselmans 1.) In 1876, Jevons was given a chair position at the University College. He drowned in 1882 at the age of 46. In the Theory of Political Economy, Jevons outlined his take on marginal economy. Marginal economy states that an item or services value is directly related to its utility, or need and value. 2 Jevon's work was an extension of Adam Smith's supply and demand. Jevons stated that an items actual value will be dependent on its usefulness, but also its supply. For example, water is incredibly useful, but
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