Edward West
Edward West (1782–1828) was a British economist. He is famous for his statement of the law of diminishing returns[1] in his Essay on the Application of Capital to Land (1815, p. 2): “The principle is simply this, that in the progress of the improvement of cultivation the raising of rude produce becomes progressively more expensive, or, in other words, the ratio of the net produce of land to its gross produce is constantly diminishing.” (The gross produce means the value of total output and the net is the gross minus the cost of production and exclusive of profit and rent.)
References
- ↑ Brewer, Anthony (2010). The Making of the Classical Theory of Economic Growth. Routledge. p. 163. ISBN 0415486203.
External links
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