Tag Archives | Marginal Revolution

Gossen’s First and Second Law of Human Enjoyment

In this article we will discuss about Gossen’s first and second law of human enjoyment. Gossen's First Law: It states that "The amount of one and the same enjoyment diminishes continuously as we proceed with that enjoyment without interruption, until satisfaction is reached". In modern times, this law is known as the Law of Diminishing Marginal Utility'. In other words, [...]

By |2016-05-23T06:15:53+05:30May 23, 2016|Economists|Comments Off on Gossen’s First and Second Law of Human Enjoyment

Contributions of F.Y. Edgeworth to Economics

The following points highlight the four main contributions of F.Y. Edgeworth to economics. The contributions are: 1. Mathematical Economic Analysis 2. Static and Dynamic Analysis 3. Indifference and Contract Curves 4. Three Dimensional Utility. 1. Mathematical Economic Analysis: Edgeworth never attempted a complete treatise on economics, as he was not keenly interested in this subject as Wicksteed, Sidgewick and Marshall. [...]

By |2016-05-23T06:15:50+05:30May 23, 2016|Economists|Comments Off on Contributions of F.Y. Edgeworth to Economics
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