The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Maximum Satisfaction

  • F. Y. Edgeworth
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1146

Abstract

Maximum satisfaction is the object towards which the economic man strives; the margin, which constitutes economic equilibrium. A great part of economic theory may be regarded as a statement of the conditions of maximum satisfaction (cf. Marshall’s Principles, mathematical appendix, note xiv). Thus the theory of market price – that the demand at that price should equal the supply at it (Mill, Bk. iii, ch. 2) – may be deduced as the condition of the price for which the satisfaction of the buyers and sellers should be a maximum.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • F. Y. Edgeworth
    • 1
  1. 1.