“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. And I assume that on an average, the ratio of utility is some continuous mathematical function of the quantity of commodity. This law of utility has, in fact, always been assumed by political economists under the more complex form and name of the Law of Supply and Demand. But once fairly stated in its simple form, it opens up the whole of the subject.”

— William Stanley Jevons

Letter to his brother (1 June 1860), published in Letters and Journal of W. Stanley Jevons (1886), edited by Harriet A. Jevons, his wife, p. 151. https://archive.org/details/cu31924074297254/page/n168/mode/1up

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William Stanley Jevons69

English economist and logician 1835–1882

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“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.”

William Stanley Jevons (1835–1882) English economist and logician

William Stanley Jevons Letter to his brother (1 June 1860), published in Letters and Journal of W. Stanley Jevons (1886), edited by Harriet A. Jevons, his wife, p. 151 - 152.

“Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them.”

David Ricardo (1772–1823) British political economist, broker and politician

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter I, Section I, On Value, p. 5

“the merchant had observed that the marginal utility of daughters decreases with surprising rapidity.”

Joan Robinson (1903–1983) English economist

Source: Contributions to Modern Economics (1978), Chapter 24, Beauty and the Beast, p. 268

“The utility of a language as a tool of thought increases with the range of topics it can treat, but decreases with the amount of vocabulary and the complexity of grammatical rules which the user must keep in mind. Economy of notation is therefore important.”

Kenneth E. Iverson (1920–2004) Canadian computer scientist

§1.4
Notation as a Tool of Thought (1979)

“The relationship of the suppliers and users of knowledge to the knowledge they supply and use is now tending, and will be increasingly tend to, to assume the form already taken by the relationship of commodity producers and consumers to the commodities they produce and consume--that is, the form of knowledge.”

Jean-François Lyotard (1924–1998) French philosopher

Source: The Postmodern Condition: A Report on Knowledge (1977), p.5

“A decrease in the quantity of legislation generally means an increase in the quality of life.”

George Will (1941) American newspaper columnist, journalist, and author

Column, December 23, 2007, "The Gift Of Doing Very Little" http://www.washingtonpost.com/wp-dyn/content/article/2007/12/21/AR2007122101922.html at washingtonpost.com. <br class="br">2000s

“Global rationality, the rationality of neoclassical theory, assumes that the decision maker has a comprehensive, consistent utility function, knows all the alternatives that are available for choice, can compute the expected value of utility associated with each alternative, and chooses the alternative that maximizes expected utility. Bounded rationality, a rationality that is consistent with our knowledge of actual human choice behavior, assumes that the decision maker must search for alternatives, has egregiously incomplete and inaccurate knowledge about the consequences of actions, and chooses actions that are expected to be satisfactory”

Herbert A. Simon (1916–2001) American political scientist, economist, sociologist, and psychologist

attain targets while satisfying constraints
Simon (1997, p. 17); As cited in: Gustavo Barros (2010, p. 460).
1980s and later

“I approached the problem of utility measurement in 1923 during a stay in Paris. There were three objects I had in view :
:(I) To point out the choice axioms that are implied when we think of utility as a quantity, and to define utility in a rigorous way by starting from a set of such axioms;
:(II) To develop a method of measuring utility statistically;
:(III) To apply the method to actual data.
The results of my study along these lines are contained in a paper “Sur un Problème d’Économic Pure”, published in the Series Norsk Matematisk Forenings Skrifter, Serie I, Nr 16, 1926. In this paper, the axiomatics are worked out so far as the static utility concept is concerned. The method of measurement developed is the method of isoquants, which is also outlined in Section 4 below. The statistical data to which the method was applied were sales and price statistics collected by the “Union des Coopérateurs Parisien”. From these data I constructed what I believe can be considered the marginal utility curve of money for the “average” member of the group of people forming the customers of the union. To my knowledge, this is the first marginal utility curve of money ever published.”

Ragnar Frisch (1895–1973) Norwegian economist

Frisch (1932) New Methods of Measuring Marginal Utility. Mohr, Tübingen. p. 2-3: Quoted in: Dagsvik, John K., Steinar Strøm, and Zhiyang Jia. " A stochastic model for the utility of income http://www.ssb.no/a/publikasjoner/pdf/DP/dp358.pdf." (2003). <br class="br">1930s

“The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.”

Benjamin Graham (1894–1976) American investor

Part III, Chapter X, The Status of Gold and Silver, p. 127
Storage and Stability (1937)

“In the long run, though, the greatest IT risk facing most companies is more prosaic than a catastrophe. It is, simply, overspending. IT may be a commodity, and its costs may fall rapidly enough to ensure that any new capabilities are quickly shared, but the very fact that it is entwined with so many business functions means that it will continue to consume a large portion of corporate spending.”

Nicholas Carr (1959) American writer

Why IT Doesn't Matter Anymore http://hbswk.hbs.edu/archive/3520.html, Harvard Business Review, June 9, 2003.

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William Stanley Jevons69

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