Who discovered law of diminishing marginal utility?
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The law of diminishing marginal utility, was developed by Carl Menger.
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The law of diminishing marginal utility was first propounded by 19th century German economist H.H. Gossen which explains the behavior of the consumers and the basic tendency of human nature. Hence, this law is also known as Gossen’s First Law. This was further modified by Marshall.
According to Marshall,
The additional benefit a person derives from a given increase of his stock of anything diminishes with the growth of the stock that he already has.
According to Paul A. Samuelson,
As the amount consumed of a good increases, the marginal utility of the good leads to decrease.
According to Marshall,
The additional benefit a person derives from a given increase of his stock of anything diminishes with the growth of the stock that he already has.
According to Paul A. Samuelson,
As the amount consumed of a good increases, the marginal utility of the good leads to decrease.
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