This economist showed that labor-saving devices do
This economist showed that labor-saving devices do not reduce labor's share of income by formally explaining the elasticity of substitution. This non-Jevons economist introduced Walrasian general equilibrium theory to English-speaking academia and showed that ordinary utility is sufficient for consumer theory in his book (*) Value and Capital. With Alven Hansen, this economist developed the IS-LM model. The cost of a bundle of goods is minimized in the "compensated" demand function named after - for 10 points - what British economist?
This economist showed that labor-saving devices do not reduce labor's share of income by formally explaining the elasticity of substitution.
Sir John (Richard) Hicks