Who amongthe following economists formulated the Law of Diminishing Marginal Utility (DMU)?
This questions was previously asked in
SSC CGL 17th August 2021 Shift-3
Adam Smith
Incorrect AnswerDavid Ricardo
Incorrect AnswerMilton Friedman
Incorrect AnswerExplanation:
- Option 1: Adam Smith
- Often called the father of economics, but he didn't formulate the Law of Diminishing Marginal Utility. He focused more on concepts like the division of labor.
- Option 2: HH Gossen
- Correct Answer.
- Hermann Heinrich Gossen introduced the Law of Diminishing Marginal Utility. He is known for Gossen's Laws.
- Option 3: David Ricardo
- Known for his theory of comparative advantage and theories on rent, wages, and profits. He did not focus on utility.
- Option 4: Milton Friedman
- A 20th-century economist famous for his work on monetarism, he did not formulate this law.
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By: santosh