First recognized in 1900 by Max Planck, it was originally the proportionality constant between the minimal increment of energy, E, of a hypothetical electrically charged oscillator in a cavity that contained black body radiation, and the frequency, f, of its associated electromagnetic wave. In 1905 the value E, the minimal energy increment of a hypothetical oscillator, was theoretically associated by Einstein with a "quantum" or minimal element of the energy of the electromagnetic wave itself. The light quantum behaved in some respects as an electrically neutral particle, as opposed to an electromagnetic wave. It was eventually called the photon. 

Classical statistical mechanics requires the existence of h (but does not define its value). Eventually, following upon Planck's discovery, it was recognized that physical action cannot take on an arbitrary value. Instead, it must be some multiple of a very small quantity, the "quantum of action", now called the Planck constant. Classical physics cannot explain this fact. In many cases, such as for monochromatic light or for atoms, this quantum of action also implies that only certain energy levels are allowed, and values in between are forbidden.
Who originally associated the minimal energy increment of a hypothetical oscillator with a "quantum" or minimal element of the energy of the electromagnetic wave itself?
theoretically associated by Einstein