History
The theory of indifference curves was developed by Francis Ysidro Edgeworth, who explained in his book "Mathematical Psychics: an Essay on the Application of Mathematics to the Moral Sciences”, 1881, the mathematics needed for its drawing; later on, Vilfredo Pareto was the first author to actually draw these curves, in his book "Manual of Political Economy", 1906; and others in the first part of the 20th century. The theory can be derived from William Stanley Jevons's ordinal utility theory, which posits that individuals can always rank any consumption bundles by order of preference.
Read more about this topic: Indifference Curve
Famous quotes containing the word history:
“If man is reduced to being nothing but a character in history, he has no other choice but to subside into the sound and fury of a completely irrational history or to endow history with the form of human reason.”
—Albert Camus (1913–1960)
“No one is ahead of his time, it is only that the particular variety of creating his time is the one that his contemporaries who are also creating their own time refuse to accept.... For a very long time everybody refuses and then almost without a pause almost everybody accepts. In the history of the refused in the arts and literature the rapidity of the change is always startling.”
—Gertrude Stein (1874–1946)
“Literary works cannot be taken over like factories, or literary forms of expression like industrial methods. Realist writing, of which history offers many widely varying examples, is likewise conditioned by the question of how, when and for what class it is made use of.”
—Bertolt Brecht (1898–1956)