Labour once spent has no influence on the future value of any article; it is gone and lost for ever. In commerce bygones are forever bygones; and we are always starting clear at each moment, judging the values of things with a view to future utility.
Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective economic value, anyway while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process.l. neil smith
Whoever, in the pursuit of science, seeks after immediate practical utility may rest assured that he seeks in vain.
Possessing utility, commodities derive their exchangeable value from two sources: from their scarcityand from the labour required to obtain them.By far the greatest part of those goods which are the objects of desire, are procured by labour.David Ricardo
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
The calculus of utility aims at supplying the ordinary wants of man at the least cost of labour.william stanley jevons
" the merchant had observed that the marginal utility of daughters decreases with surprising rapidity."joan robinson
For now, I'm supposing that all movements are equal, which they're not, except in this respect: that none of them gives a damn about artists beyond their immediate utility. Good movements will use a writer just as ruthlessly as bad ones; since they all fancy they have better things to do than worry about one man's artistic survival.wilfrid sheed
To hinder, besides, the farmer from selling his goods at all times to the best market, is evidently to sacrifice the ordinary laws of justice to an idea of public utility, to a sort of reasons of state; an act of legislative authority which ought to be exercised only, which can be pardoned only in cases of the most urgent necessity.Adam Smith
Every institution goes through three stages utility, privilege, and abuse.françois-rené de chateaubriand
I love these tales because, in more reasonable attributions of motive, they so beautifully embody a fundamental theme of historical explanation - that consequences of substantial import often arise from triggers of entirely different intent. In other words, current utility bears no necessary relationship with historical origin.stephen jay gould
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
In all determinations of morality, this circumstance of public utility is ever principally in view; and wherever disputes arise, either in philosophy or common life, concerning the bounds of duty, the question cannot, by any means, be decided with greater certainty, than by ascertaining, on any side, the true interests of mankind. If any false opinion, embraced from appearances, has been found to prevail; as soon as farther experience and sounder reasoning have given us juster notions of human affairs, we retract our first sentiment, and adjust anew the boundaries of moral good and evil.David Hume
Some writers have exclaimed bitterly against systems of divinity, others have exaggerated the utility of them. Perhaps the truth may be, neither side has taken sufficient pains to understand the other. Theology reduced to a system is nothing more than a regular arrangement of what we hold for religion, and there can be no damage done by such orderly dispositions of truths:;: on the contrary, much benefit arises to a student of divinity by them, for a system is as advantageous to a minister, as a regular set of books to a merchant.
Nothing teems But hateful docks, rough thistles, kecksies, burs, Losing both beauty and utility.william shakespeare
The consideration of lines, angles and figures is of the greatest utility since it is impossible for natural philosophy to be known without them... All causes of natural effects have to be given through lines, angles and figures, for otherwise it is impossible for the reason why ( propter quid ) to be known in them.
For enlightenment, anything which does not conform to the standard of calculability and utility must be viewed with suspicion.
Project management is not universally applicable. The utility of the idea depends on the magnitude of the effort, the complexity, the degree of unfamiliarity and interrelatedness, and the concern with the organization's reputation.
Addition and multiplication In our study of oscillating systems we shall have occasion to use one of the most remarkable, almost astounding, formulas in all of mathematics. From the physicist's point of view we could bring forth this formula in two minutes or so, and be done with it. But science is as much for intellectual enjoyment as for practical utility, so instead of just spending a few minutes, we shall surround the jewel by its proper setting in the grand design of that branch of mathematics called elementary algebra.
By utility is meant that property is any object, whereby it tends to produce benefit, advantage, pleasure, good, or happiness(all this in the present case come to the same thing) or (what comes again to the same thing) to prevent the happening of mischief, pain, evil or unhappiness to the party who whose is considered: if that party be the community in general, then the happiness of the community; if a particular individual; then the happiness of that individualjeremy bentham
These are, of course, some things which, for utility's sake, must be made of the same size in a small theatre, and a large one: such as the steps, curved cross-aisles, their parapets, the passages, stairways, stages, tribunals, and any other things which occur that make it necessary to give up symmetry so as not to interfere with utility.
The general theory of economic equilibrium was strengthened and made effective as an organon of thought by two powerful subsidiary conceptions the Margin and Substitution . The notion of the Margin was extended beyond utility to describe the equilibrium point in given conditions of any economic factor which can be regarded as capable of small variations about a given value,or in its functional relation to a given value.john maynard keynes