Tag Archives | Law

Economic Law: Nature and Its Limitations

In this article we will discuss about economic law. After reading this article you will also learn about nature and limitations of economic laws. Meaning of Economic Law: Every science has its certain laws. Thus, like other sciences, economics has its own laws, too. Such laws describe how a consumer or a producer behaves. The consumer is assumed to maximise [...]

By Nipun S|2017-01-13T05:58:27+05:30January 13, 2017|Economic Laws|Comments Off

Gossen’s First and Second Law of Human Enjoyment

In this article we will discuss about Gossen’s first and second law of human enjoyment. Gossen's First Law: It states that "The amount of one and the same enjoyment diminishes continuously as we proceed with that enjoyment without interruption, until satisfaction is reached". In modern times, this law is known as the Law of Diminishing Marginal Utility'. In other words, [...]

By Kirti Shailesh|2016-05-23T06:15:53+05:30May 23, 2016|Economists|Comments Off

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