The utility analysis lost its popularity because of its assumptions like utility can be measured, marginal utility of money remain constant. To replace these old concepts the modern economists have introduced an indifference curve analysis. This technique was originally developed by F.Y Edgeworth in 1881. Later picked up by Irving Fisher, who tried to give a concrete shape to it in 1892.It was further developed by Pereto. In 1931, I.R Hicks and Allen gave a scientific treatment to this new analysis, Indifference curve analysis is now being used in the analysis of many economic problems.
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