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" The keystone of the whole Theory of Exchange, and of the principal problems of Economics, lies in this proposition: — The 'ratio of exchange of any two commodities will be the reciprocal of the ratio of the final degrees of utility of the quantities... "
The Anatomy of Wealth Or the ABC of Every Day Life - Page 34
by James Goulton Constable - 1880 - 135 pages
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The Theory of Political Economy

William Stanley Jevons - Economics - 1879 - 430 pages
...use which we shall make of this equation will be seen in the next section. The Theory of Exchange. The keystone of the whole Theory of Exchange, and of the principal problems of Economics, lies in this proposition — The ratio of exchange of any two commodities ^vill be the...
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Journal of the Institute of Bankers, Volume 2

Institute of Bankers (Great Britain) - Banks and banking - 1881 - 742 pages
...his demonstrations, he substitutes "ratio of exchange," as being less ambiguous. Ho makes out that " the keystone of the whole theory of exchange, and...economy, lies in this proposition — The ratio of exclianr/e of any two commodities will be inversely as the final degrees ofutiity of the quantities...
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A History of Political Economy

John Kells Ingram - Economics - 1888 - 274 pages
...result of a hundred pages of mathematical reasoning what he calls a " curious conclusion," 2 in which " the keystone of the whole theory of exchange and of the principal problems of economics lies." This is the proposition that " the ratio of exchange of any two commodities will...
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The Wheel of Wealth: Being a Reconstruction of the Science and Art of ...

John Beattie Crozier - Economics - 1906 - 564 pages
...Science from it, is manifest; for at the outset of his work, he announces that his theory of Value ' is the keystone of the whole theory of Exchange, and of the principal problems of Political Economy.' But the deductions which he did not live long enough himself to draw, were drawn...
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Calendar, Part 3

University of Calcutta - 1908 - 562 pages
...Smith and Ricardo as to bounties on exportation ? 8. Jevons offers ' a curious conclusion in which the keystone of the whole theory of exchange and of the principal problems of Economics lies.' What is this conclusion ? Criticise it. 9. What is the physiocratic doctrine regarding...
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Journal of the Institute of Bankers, Volume 2

Institute of Bankers (Great Britain) - Banks and banking - 1881 - 812 pages
...his demonstrations, he substitutes "ratio of exchange," as being less ambiguous. He makes out that " the keystone of the whole theory of exchange, and...economy, lies in this proposition — The ratio of excl/ani/e of an;/ two commodities will be inversely as the final degrees ofuti'ity of the qufintitiei...
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Economic Theories in a Non-Walrasian Tradition

Takashi Negishi - Business & Economics - 1985 - 230 pages
...(Jevons 1888, p. 94; see also pp. 92-93). Now we finally come across the proposition that contains "the keystone of the whole theory of exchange, and of the principal problems of economics": The ratio of exchange of any two commodities will be the reciprocal of the ratio of...
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The Rise of the Marginal Utility School, 1870-1889

Richard S. Howey - Business & Economics - 1989 - 308 pages
...reasoning what he calls a "curious conclusion" (Fortnightly Review for November 1876, p. 617), in which the "keystone of the whole theory of exchange and of the principal problems of economics lies." This is the proposition that "the ratio of exchange of any two commodities will...
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Teachings from the Worldly Philosophy

Robert L. Heilbroner - Business & Economics - 1996 - 376 pages
...times. But first, the crucial act of exchange must be witnessed. The Act of Exchange, in Mathematics The keystone of the whole Theory of Exchange, and of the principal problems of Economics, lies in this proposition — The ratio of exchange of any two commodities will be the...
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Social Science Quotations: Who Said What, When, and Where

David L. Sills, Robert King Merton - Social Science - 2000 - 466 pages
...demand, and the consequent ratio of exchange. The Theory of Political Economy (1871) 1957:86-87. 8 The keystone of the whole Theory of Exchange, and of the principal problems of Economics, lies in this proposiJÓOS, MARTIN 109 lion — The ratio of exchange of any two commodities...
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