Eponyms in Economy

Subject: Economy

Context: Modern language is simply peppered with eponyms. When you talk about

Concept:

What is an eponym?

A word derived from the proper name of a person most closely associated with the phenomenon is called an eponym
‘Matthew’s law’ is summarized by the adage “the rich get richer and the poor get poorer“
Hick’s Law is a simple idea that says that the more choices you present your users with, the longer it will take them to reach a decision
Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics.