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Auguste Walras
Auguste Walras (; 1801–1866) was a French school administrator and economist. He was the father of Léon Walras, who was deeply influenced by his father's view on economics. Auguste Walras convinced his son to give up his original literary aspirations to pursue economic studies. It was his idea to take ''rareté'' (scarcity) and utility as the source of value. He also encouraged him to use mathematical tools, probably under the inspiration of his former classmate Augustin Cournot. Auguste Walras found the value of goods by setting their scarcity relative to human wants. His own efforts in working out his theories did not extend beyond a sketch which Leon Walras was to draw upon. Auguste Walras' policy stance on nationalization of land was also adopted by the young Walras. Major works *''De la nature de la richesse et de l'origine de la valeur'' (On the nature of riches and the origin of value), 1831. *"Considérations sur la mesure de la valeur et sur la fonction de métaux ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Léon Walras
Marie-Esprit-Léon Walras (; 16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist. He formulated the marginal theory of value (independently of William Stanley Jevons and Carl Menger) and pioneered the development of general equilibrium theory. Walras is best known for his book ''Éléments d'économie politique pure'', a work that has contributed greatly to the mathematization of economics through the concept of general equilibrium. The definition of the role of the entrepreneur found in it was also taken up and amplified by Joseph Schumpeter. For Walras, exchanges only take place after a Walrasian '' tâtonnement'' (French for "trial and error"), guided by the auctioneer, has made it possible to reach market equilibrium. It was the general equilibrium obtained from a single hypothesis, rarity, that led Joseph Schumpeter to consider him "the greatest of all economists". The notion of general equilibrium was very quickly adopted by major economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scarcity
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. If the conditions of scarcity didn't exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no economic goods, i.e. goods that are relatively scarce..." Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself."Montani G. (1987) Scarcity. In: Palgrave Macmillan (eds) ''The New Palgrave Dictionary of Economics''. Palgrav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions. Utility function Consider a set of alternatives among which a person can make a preference ordering. The utility obtained from these alternatives is an unknown function of the utilities obtained from each alternative, not the sum of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Augustin Cournot
Antoine Augustin Cournot (; 28 August 180131 March 1877) was a French philosopher and mathematician who also contributed to the development of economics. Biography Antoine Augustin Cournot was born at Gray, Haute-Saône. In 1821 he entered one of the most prestigious Grandes Écoles, the École Normale Supérieure, and, according to Sandmo: in 1823 he took a license degree in mathematics at Sorbonne University. He then became the private secretary of a field marshal who required assistance in writing his memoirs. This position left Cournot with considerable time for his own pursuits. In the course of his ten years in the field marshal's employment he took two doctoral degrees, one in mechanics and one in astronomy. In addition, he published a number of articles and even acquired a degree in law. Subsequently, Cournot held positions as professor of mathematics, chief examiner for undergraduate students, and rector of Dijon Academy. By the time Cournot died in 1877, he was nea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
La Revue Du Mois
''La Revue du mois'' was a scientific and literary journal founded in 1906 by Émile Borel and his wife Marguerite Appell (called Camille Marbo). Its editorial board included Jean Perrin, Paul Langevin, Aimé Cotton, Jacques Duclaux, Henri Mouton, Robert Lespieau, Noël Bernard and Louis-Jacques Simon. Léon Blum, Paul Painlevé and Édouard Herriot Édouard Marie Herriot (; 5 July 1872 – 26 March 1957) was a French Radical politician of the Third Republic who served three times as Prime Minister (1924–1925; 1926; 1932) and twice as President of the Chamber of Deputies. He led the ... also participated in this magazine. 120 issues were published until 1915; The publication, interrupted by the First World War, resumed in 1919 and 1920 at a bimonthly rate (issues 121–132), then, after a new interruption, it resumed in 1923 and stopped definitively in 1926 with issue 1793.cf. Notice BnF n° : FRBNF32859204 References External links ''La revue du mois'' (1907 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1801 Births
Eighteen or 18 may refer to: * 18 (number), the natural number following 17 and preceding 19 * one of the years 18 BC, AD 18, 1918, 2018 Film, television and entertainment * ''18'' (film), a 1993 Taiwanese experimental film based on the short story ''God's Dice'' * ''Eighteen'' (film), a 2005 Canadian dramatic feature film * 18 (British Board of Film Classification), a film rating in the United Kingdom, also used in Ireland by the Irish Film Classification Office * 18 (''Dragon Ball''), a character in the ''Dragon Ball'' franchise * "Eighteen", a 2006 episode of the animated television series ''12 oz. Mouse'' Music Albums * ''18'' (Moby album), 2002 * ''18'' (Nana Kitade album), 2005 * '' 18...'', 2009 debut album by G.E.M. Songs * "18" (5 Seconds of Summer song), from their 2014 eponymous debut album * "18" (One Direction song), from their 2014 studio album ''Four'' * "18", by Anarbor from their 2013 studio album '' Burnout'' * "I'm Eighteen", by Alice Cooper common ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1866 Deaths
Events January–March * January 1 ** Fisk University, a historically black university, is established in Nashville, Tennessee. ** The last issue of the abolitionist magazine '' The Liberator'' is published. * January 6 – Ottoman troops clash with supporters of Maronite leader Youssef Bey Karam, at St. Doumit in Lebanon; the Ottomans are defeated. * January 12 ** The ''Royal Aeronautical Society'' is formed as ''The Aeronautical Society of Great Britain'' in London, the world's oldest such society. ** British auxiliary steamer sinks in a storm in the Bay of Biscay, on passage from the Thames to Australia, with the loss of 244 people, and only 19 survivors. * January 18 – Wesley College, Melbourne, is established. * January 26 – Volcanic eruption in the Santorini caldera begins. * February 7 – Battle of Abtao: A Spanish naval squadron fights a combined Peruvian-Chilean fleet, at the island of Abtao, in the Chiloé Archipelago of southern Chile. * February 13 â ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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