Indifference Curve Approach (1)
Indifference Curve approach was first propouned by British economist Edgeworth in 1881 in his book “Mathematical Physics.” The concept was further developed in 1906 by Italian economist Pareto, in 1913 by British economist W.E. Johnson, and in 1915 by Russina economist Stutsky. The credit of rendering this analysis as an important tool of theory of Demand goes to Hicks and Allen. In 1934, they presented it in a scientific form in their article titled “A Reconsideration of the Theory of Value.” It was discussed in detail by Hicks in his book, “Value and Capital”.