Monday, August 31, 2009

Economic Quote of the Week

244: From Jevons, Money and the Mechanism of Exchange, Chapter 2:

It is impossible, indeed, to decide exactly how much bread, or beef, or tea, or how many coats and hats a person needs. There is no precise limit to our desires, and we can only say, that as we have a larger supply of a substance, the urgency of our need for more is in some proportion weakened. A cup of water in the desert, or upon the field of battle, may save life, and become infinitely useful. Two or three pints per day for each person are needful for drinking and cooking purposes. A gallon or two per day are highly requisite for cleanliness; but we soon reach a point at which further supplies of water are of very minor importance. A modern town population is found to be satisfied with about twenty-five gallons per head per day for all purposes, and a further supply would possess little utility. Water, indeed, may be the reverse of useful, as in the case of a flood, or a damp house, or a wet mine.

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