Top Qs
Timeline
Chat
Perspective

Gossen's laws

From Wikipedia, the free encyclopedia

Remove ads

Gossen's laws, named for Hermann Heinrich Gossen (1810–1858), are three laws of economics:

where
  • is utility
  • is quantity of the -th good or service
  • is the price of the -th good or service
  • Gossen's Third Law is that scarcity is a precondition for economic value.
Remove ads

See also

References

  • Gossen, Hermann Heinrich; Die Entwicklung der Gesetze des menschlichen Verkehrs und der daraus fließenden Regeln für menschliches Handeln (1854). Translated into English as The Laws of Human Relations and the Rules of Human Action Derived Therefrom (1983) MIT Press, ISBN 0-262-07090-1.
Loading related searches...

Wikiwand - on

Seamless Wikipedia browsing. On steroids.

Remove ads