chapter  3
10 Pages

William Stanley Jevons and the concept of rationality as maximization

The principle of constrained maximization of personal benefit was first

introduced in economic theory by Antoine Augustin Cournot. But it was

William Stanley Jevons that utilized it effectively as a fundamental com-

ponent of a major theoretical shift called The “Marginalist Revolution”.1

This principle corresponds greatly to what Simon has defined as substan-