Indifference Curve - History

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:

    A poet’s object is not to tell what actually happened but what could or would happen either probably or inevitably.... For this reason poetry is something more scientific and serious than history, because poetry tends to give general truths while history gives particular facts.
    Aristotle (384–323 B.C.)

    Man watches his history on the screen with apathy and an occasional passing flicker of horror or indignation.
    Conor Cruise O’Brien (b. 1917)

    All objects, all phases of culture are alive. They have voices. They speak of their history and interrelatedness. And they are all talking at once!
    Camille Paglia (b. 1947)