William Stanley Jevons

William Stanley Jevons was a 19th-century British economist and logician, known for his contributions to the field of economics, particularly in the development of marginal utility theory, which explains how individuals make decisions based on the additional satisfaction gained from consuming more of a good or service. He emphasized the importance of subjective value in economics and introduced the concept of the "Jevons Paradox," highlighting that improvements in efficiency can lead to increased resource use. Jevons' work helped lay the foundation for modern economic theory and influenced later thinkers in both economics and philosophy.