Economic Duality

Economic duality refers to the concept that many economic problems have two related perspectives or “sides” that are mathematically connected. For example, in consumer theory, the utility maximization problem (finding the best way to spend money to enjoy the most) has a dual problem—cost minimization (spending the least for a desired level of satisfaction). These dual problems are linked: solving one provides insights into the other. Understanding this duality helps economists analyze choices, preferences, and resource allocation more efficiently by exploring both perspectives simultaneously.