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:
“The basic idea which runs right through modern history and modern liberalism is that the public has got to be marginalized. The general public are viewed as no more than ignorant and meddlesome outsiders, a bewildered herd.”
—Noam Chomsky (b. 1928)
“The history of modern art is also the history of the progressive loss of art’s audience. Art has increasingly become the concern of the artist and the bafflement of the public.”
—Henry Geldzahler (1935–1994)
“Those who weep for the happy periods which they encounter in history acknowledge what they want; not the alleviation but the silencing of misery.”
—Albert Camus (1913–1960)