A correct theory is the first step towards improvement, by showing what we need and what we might accomplish. - William Stanley Jevons

Logic is not only an exact science, but is the most simple and elementary of all sciences; it ought therefore undoubtedly to find some place in every course of education.

By a commodity we shall understand any object, substance, action or service, which can afford pleasure or ward off pain.

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. And I assume that on an average, the ratio of utility is some continuous mathematical function of the quantity of commodity. This law of utility has, in fact, always been assumed by political economists under the more complex form and name of the Law of Supply and Demand. But once fairly stated in its simple form, it opens up the whole of the subject.