ABSTRACT

T he theory o f pleasure and pain is no longer form ally accepted, either in its seven dimensions originally described by Bentham or the four retained by Jevons. Nevertheless, traces o f hedo­ nistic psychology are distinctly discerni­ ble in the works o f later econom ists, even o f those who profess to discard it altogether. M arshall m erely lessens the emphasis b y speaking o f “ gratifica­ tions and sacrifices” and Fetter’s “ psy­ chic in com e” and “ desirable results in the realm o f feeling” are closely akin to pleasure. Similarly the concept occurs in the utility calculus o f the Austrian School, in D avenport’s “ human de­ sires” or “ paying dispositions and will­ ingness to labor and w ait;” in Fisher’s “ real in com e” and “ im patience,” in H obson ’s “ human cos ts ” and “ human

utilities,” and to some extent even in V eblen ’s “ tropism s” and “ preconcep­ tions.” The level o f pain and pleasure, as subsequently m odified b y emphasis upon instincts and habits, m ay be called the psychological level.