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 history of the world is none other than the progress of the consciousness of freedom.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“Free from public debt, at peace with all the world, and with no complicated interests to consult in our intercourse with foreign powers, the present may be hailed as the epoch in our history the most favorable for the settlement of those principles in our domestic policy which shall be best calculated to give stability to our Republic and secure the blessings of freedom to our citizens.”
—Andrew Jackson (1767–1845)
“If you look at the 150 years of modern China’s history since the Opium Wars, then you can’t avoid the conclusion that the last 15 years are the best 15 years in China’s modern history.”
—J. Stapleton Roy (b. 1935)