Jevons arrived quite early in his career at the doctrines that
constituted his most characteristic and original contributions to
economics and logic. The theory of utility, which became the keynote of
his general theory of political economy, was practically formulated in a
letter written in 1860; and the germ of his logical principles of the
substitution of similars may be found in the view which he propounded in
another letter written in 1861, that "philosophy would be found to
consist solely in pointing out the likeness of things." The theory of
utility above referred to, namely, that the degree of utility of a
commodity is some continuous mathematical function of the quantity of
the commodity available, together with the implied doctrine that
economics is essentially a mathematical science, took more definite form
in a paper on "A General Mathematical Theory of Political Economy,"
written for the British Association in 1862. This paper does not appear
to have attracted much attention either in 1862 or on its publication
four years later in the _Journal of the Statistical Society_; and it was
not till 1871, when the _Theory of Political Economy_ appeared, that
Jevons set forth his doctrines in a fully developed form. It was not
till after the publication of this work that Jevons became acquainted
with the applications of mathematics to political economy made by
earlier writers, notably Antoine Augustin Cournot and H. H. Gossen. The
theory of utility was about 1870 being independently developed on
somewhat similar lines by Carl Menger in Austria and M.E.L. Walras in
Switzerland. As regards the discovery of the connexion between value in
exchange and final (or marginal) utility, the priority belongs to
Gossen, but this in no way detracts from the great importance of the
service which Jevons rendered to English economics by his fresh
discovery of the principle, and by the way in which he ultimately forced
it into notice. In his reaction from the prevailing view he sometimes
expressed himself without due qualification: the declaration, for
instance, made at the commencement of the _Theory of Political Economy_,
that "value depends entirely upon utility," lent itself to
misinterpretation. But a certain exaggeration of emphasis may be
pardoned in a writer seeking to attract the attention of an indifferent
public. It was not, however, as a theorist dealing with the fundamental
data of economic science, but as a brilliant writer on practical
economic questions, that Jevons first received general recognition. _A
Serious Fall in the Value of Gold_ (1863) and _The Coal Question_ (1865)
placed him in the front rank as a writer on applied economics and
statistics; and he would be remembered as one of the leading economists
of the 19th century even had his _Theory of Political Economy_ never
been written. Amongst his economic works may be mentioned _Money and the
Mechanism of Exchange_ (1875), written in a popular style, and
Public-domain text, read in full here on John Shaqi.
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