IN CONTEXT
Decision making
Ernst Engel (1821–96)
1817 British political economist David Ricardo criticizes the charging of rent on land because its supply is unable to respond to price.
1871 Austrian economist Carl Menger claims falling marginal utility (the worth of each extra unit) influences demand.
1934 British economist John Hicks uses the concept of elasticity to measure how easily products can be substituted for each other.
1950 Argentine economist Raúl Prebisch and German-born British economist Hans Singer independently show how the benefits of trade will favor richer countries that produce manufactured goods.
The “elasticity” ...
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