Abstract
This phrase was first made current by Jevons in his Theory of Political Economy, 1871. Its precise significance will be best elucidated by an analogy. ‘Degree of utility’ stands in the same relation to ‘total utility’ as ‘velocity’ to ‘space traversed’. Suppose we have a body projected vertically upwards from rest, at a given speed. We may inquire first at what height the body will be found at any moment after its projection, and second at what rate it will be moving at any point of its course, and clearly the rate of its movement is the rate at which its height is increasing (whether positively as it rises, or negatively as it falls). This rate may be measured in feet per second, or in miles per hour, or in any other suitable unit, but in any case it varies from point to point and does not continue the same during any period, however short.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Author information
Authors and Affiliations
Editor information
Copyright information
© 2018 Macmillan Publishers Ltd.
About this entry
Cite this entry
Wicksteed, P.H. (2018). Degree of Utility. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_462
Download citation
DOI: https://doi.org/10.1057/978-1-349-95189-5_462
Published:
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
eBook Packages: Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences