The Theory of Political Economy (Palgrave Classics in Economics) by William Stanley Jevons

Author:William Stanley Jevons [Jevons, William Stanley]
Language: eng
Format: azw3
ISBN: 9781137374165
Publisher: Palgrave Macmillan
Published: 2013-11-28T16:00:00+00:00

In this equation either factor of either term may be intrinsically negative, while the alternative signs before x and y allow for every possible case of giving and receiving in exchange.

Four possible cases will arise. In the first case, both commodities have utility for each person, that is to say, φ and ψ are both positive functions; but A gives some of X in return for some of Y. This means that dx is negative, and dy positive, while the quantities in possession after exchange are a − x, and b + y. Thus the equation becomes

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