Biographical and bibliographical essay
Nassau William Senior was a noted economist who also held several government commissions ... Senior defined political economy as the science that investigates the nature, production, and distribution of wealth. He employs the term wealth as a synonym for value, and, like the economists before him, includes utility as one of the three causes of value ... Senior is widely regarded as one of the forerunners of marginal utility theory. The satisfaction that we derive from a class of goods, he maintained, “diminishes in a rapidly increasing ratio” as the supply of those goods increases.
Related Topic: Economics