Eugen Slutsky, 1880-1948, was a Russian mathematician, statistician and economist. In economics he is best known for his formulation of the *Slutsky’s equation*. Slutsky found an equation that splits income and substitution effects based on *Hicksian and Marshallian demand curves. *He developed this equation on his “On the Theory of the Budget of the Consumer”, 1915.

Slutsky did not produce any other significant contribution to economics, but he did produce fruitful works regarding mathematical statistics and probability theory. He took special interest in the concept of asymptotic convergence in probability.

**Video – Income and substitution effects:**