Gossen's laws
id:
gossen-s-laws-272-1914032
title:
Gossen's laws
text:
Gossen's laws, named for Hermann Heinrich Gossen (1810–1858), are three laws of economics: Gossen's First Law is the "law" of diminishing marginal utility: that marginal utilities are diminishing across the ranges relevant to decision-making.
Gossen's Second Law, which presumes that utility is at least weakly quantified, is that in equilibrium an agent will allocate expenditures so that the ratio of marginal utility to price is equal across all goods and services. Gossen's Third Law is that scar
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wiki
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original url:
https://en.wikipedia.org/wiki/Gossen%27s_laws
date created:
date modified:
2023-02-14T13:49:41Z
main entity:
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13
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