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Hermann Heinrich Gossen
Hermann Heinrich Gossen (7 September 1810 – 13 February 1858) was a Prussian economist who is often regarded as the first to elaborate a general theory of marginal utility. Life and work Gossen studied in Bonn, then worked in the Prussian administration until retiring in 1847, after which he sold insurance until his death. Prior to Gossen, a number of theorists, including Gabriel Cramer, Daniel Bernoulli, William Forster Lloyd, Nassau William Senior, and Jules Dupuit had employed or asserted the significance of some notion of marginal utility. But Cramer, Bernoulli, and Dupuit had focussed upon specific problems, Lloyd had not presented any application, and if Senior actually employed to the development of more general theory then he did so in language that caused the application to be missed by most readers. Gossen's book ''Die Entwickelung der Gesetze des menschlichen Verkehrs, und der daraus fließenden Regeln für menschliches Handeln'' (''The Development of the Laws of Hu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Düren
Düren (; ripuarian: Düre) is a town in North Rhine-Westphalia, Germany, between Aachen and Cologne on the river Rur. History Roman era The area of Düren was part of Gallia Belgica, more specifically the territory of the Eburones, a people who were described as both Belgae and Germani. It was conquered by the Roman Republic under Julius Caesar and became part of Germania inferior. Durum became a supply area for the rapidly growing Roman city of Cologne (Roman name Colonia Claudia Ara Agrippinensium). Furthermore, a few important Roman roads skirt Durum (including the road from Cologne to Jülich and Tongeren and the road from Cologne to Zülpich and Trier). By the 4th century, the area was settled by the Ripuarian Franks. The name ''villa duria'' occurred the first time in the Frankish Annals in the year 747. Frankish king Pippin the Short often visited Düren in the 8th century and held a few important conventions there. The Franks made of Durum a royal palace, from wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Braunschweig
Braunschweig () or Brunswick ( , from Low German ''Brunswiek'' , Braunschweig dialect: ''Bronswiek'') is a city in Lower Saxony, Germany, north of the Harz Mountains at the farthest navigable point of the river Oker, which connects it to the North Sea via the rivers Aller and Weser. In 2016, it had a population of 250,704. A powerful and influential centre of commerce in medieval Germany, Brunswick was a member of the Hanseatic League from the 13th until the 17th century. It was the capital city of three successive states: the Principality of Brunswick-Wolfenbüttel (1269–1432, 1754–1807, and 1813–1814), the Duchy of Brunswick (1814–1918), and the Free State of Brunswick (1918–1946). Today, Brunswick is the second-largest city in Lower Saxony and a major centre of scientific research and development. History Foundation and early history The date and circumstances of the town's foundation are unknown. Tradition maintains that Brunswick was created through the merge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1858 Deaths
Events January–March * January – **Benito Juárez (1806–1872) becomes Liberal President of Mexico. At the same time, conservatives install Félix María Zuloaga (1813–1898) as president. **William I of Prussia becomes regent for his brother, Frederick William IV, who had suffered a stroke. * January 9 ** British forces finally defeat Rajab Ali Khan of Chittagong ** Anson Jones, the last president of the Republic of Texas, commits suicide. * January 14 – Orsini affair: Felice Orsini and his accomplices fail to assassinate Napoleon III in Paris, but their bombs kill eight and wound 142 people. Because of the involvement of French émigrés living in Britain, there is a brief anti-British feeling in France, but the emperor refuses to support it. * January 25 – The ''Wedding March'' by Felix Mendelssohn becomes a popular wedding recessional, after it is played on this day at the marriage of Queen Victoria's daughter Victoria, Princess Royal, to Princ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1810 Births
Year 181 ( CLXXXI) was a common year starting on Sunday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Aurelius and Burrus (or, less frequently, year 934 ''Ab urbe condita''). The denomination 181 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * Imperator Lucius Aurelius Commodus and Lucius Antistius Burrus become Roman Consuls. * The Antonine Wall is overrun by the Picts in Britannia (approximate date). Oceania * The volcano associated with Lake Taupō in New Zealand erupts, one of the largest on Earth in the last 5,000 years. The effects of this eruption are seen as far away as Rome and China. Births * April 2 – Xian of Han, Chinese emperor (d. 234) * Zhuge Liang, Chinese chancellor and regent (d. 234) Deaths * Aelius Aristides, Greek orator and w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginalism
Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. It states that the reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of marginal physical productivity in explanation of cost. The neoclassical tradition that emerged from British marginalism abandoned the concept of utility and gave marginal rates of substitution a more fundamental role in analysis. Marginalism is an integral part of mainstream economic theory. Important marginal concepts Marginality For issues of marginality, constraints are conceptualized as a ''border'' ... [...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] |
Nicholas Georgescu-Roegen
Nicholas Georgescu-Roegen (born Nicolae Georgescu, 4 February 1906 – 30 October 1994) was a Romanian mathematician, statistician and economist. He is best known today for his 1971 ''The Entropy Law and the Economic Process'', in which he argued that all natural resources are irreversibly degraded when put to use in economic activity. A progenitor and a paradigm founder in economics, Georgescu-Roegen's work was decisive for the establishing of ecological economics as an independent academic sub-discipline in economics. Several economists have hailed Georgescu-Roegen as a man who lived well ahead of his time, and some historians of economic thought have proclaimed the ingenuity of his work. In spite of such appreciation, Georgescu-Roegen was never awarded the Nobel Prize in Economics, although benefactors from his native Romania were lobbying for it on his behalf. After Georgescu-Roegen's death, his work was praised by a surviving friend of the highest rank: Prominent Keynesi ... [...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] |
Carl Menger
Carl Menger von Wolfensgrün (; ; 28 February 1840 – 26 February 1921) was an Austrian economist and the founder of the Austrian School of economics. Menger contributed to the development of the theories of marginalism and marginal utility, which rejected cost-of-production theory of value, such as developed by the classical economists such as Adam Smith and David Ricardo. As a departure from such, he would go on to call his resultant perspective, the subjective theory of value. Biography Family and education Carl Menger von Wolfensgrün was born in the city of Neu-Sandez in Galicia, Austrian Empire, which is now Nowy Sącz in Poland. He was the son of a wealthy family of minor nobility; his father, Anton Menger, was a lawyer. His mother, Caroline Gerżabek, was the daughter of a wealthy Bohemian merchant. He had two brothers, Anton and Max, both prominent as lawyers. His son, Karl Menger, was a mathematician who taught for many years at Illinois Institute of Technolog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicolaus Copernicus
Nicolaus Copernicus (; pl, Mikołaj Kopernik; gml, Niklas Koppernigk, german: Nikolaus Kopernikus; 19 February 1473 – 24 May 1543) was a Renaissance polymath, active as a mathematician, astronomer, and Catholic Church, Catholic canon (priest), canon, who formulated a mathematical model, model of Celestial spheres#Renaissance, the universe that placed heliocentrism, the Sun rather than Earth at its center. In all likelihood, Copernicus developed his model independently of Aristarchus of Samos, an ancient Greek astronomer who had formulated such a model some eighteen centuries earlier. The publication of Copernicus's model in his book ' (''On the Revolutions of the Celestial Spheres''), just before his death in 1543, was a major event in the history of science, triggering the Copernican Revolution and making a pioneering contribution to the Scientific Revolution. Copernicus was born and died in Royal Prussia, a region that had been part of the Kingdom of Poland (1385 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Historical School Of Economics
The historical school of economics was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century. The professors involved compiled massive economic histories of Germany and Europe. Numerous Americans were their students. The school was opposed by theoretical economists. Prominent leaders included Gustav von Schmoller (1838–1917), and Max Weber (1864–1920) in Germany, and Joseph Schumpeter (1883–1950) in Austria and the United States. Tenets The historical school held that history was the key source of knowledge about human actions and economic matters, since economics was culture-specific, and hence not generalizable over space and time. The school rejected the universal validity of economic theorems. They saw economics as resulting from careful empirical and historical analysis instead of from logic and mathematics. The school also preferred reality, historical, politi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Utility
In economics, utility is the satisfaction or benefit derived by consuming a product. The marginal utility of a Goods (economics), good or Service (economics), service describes how much pleasure or satisfaction is gained by consumers as a result of the increase or decrease in Consumption (economics), consumption by one unit. There are three types of marginal utility. They are positive, negative, or zero marginal utility. For instance, you like eating pizza, the second piece of pizza brings you more satisfaction than only eating one piece of pizza. It means your marginal utility from purchasing pizza is positive. However, after eating the second piece you feel full, and you would not feel any better from eating the third piece. This means your marginal utility from eating pizza is zero. Moreover, you might feel sick if you eat more than three pieces of pizza. At this time, your marginal utility is negative. In other words, a negative marginal utility indicates that every unit of good ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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