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" "I consider that interest is determined by the increment of produce which it enables a labourer to obtain, and is altogether independent of the total return which he receives for this labour.
William Stanley Jevons (1 September 1835 – 13 August 1882) was an English economist and logician.
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In a certain sense all knowledge is inductive. We can only learn the laws and relations of things in nature by observing those things. But the knowledge gained from the senses is knowledge only of particular facts, and we require some process of reasoning by which we may collect out of the facts the laws obeyed by them. Experience gives us the materials of knowledge: induction digests those materials, and yields us general knowledge. When we possess such knowledge, in the form of general propositions and natural laws, we can usefully apply the reverse process of deduction to ascertain the exact information required at any moment. In its ultimate foundation, then, all knowledge is inductive—in the sense that it is derived by a certain inductive reasoning from the facts of experience.
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