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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 In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. * In a normative context, utility refers to a goal or objective that we wish ... 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Léon Walras
Marie-Esprit-Léon Walras (; 16 December 1834 – 5 January 1910) was a French mathematical economics, mathematical economist and Georgist. He formulated the Marginalism, 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. 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 economists such as Vilfredo Pareto, Knut Wicksell and Gustav Cassel. John Hicks and Pa ... [...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 did not 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''. Palgr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. * In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function. This kind of utility bears a closer resemblance to the original utilitarian concept, developed by moral philosophers such as Jeremy Bentham and John Stuart Mill. * In a descriptive context, the term refers to an ''apparent'' objective function; such a function is revealed by a person's behavior, and specifically by their preferences over lotteries, which can be any quantified choice. The relationship between these two kinds of utility functions has been a source of controversy among both economists and ethicists, with most maintaining that the two are distinct but generally related. Utility function Consider a set of alternatives among which a person has a preference ordering. A utility fu ... [...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 contributed to the development of economics. Biography Antoine Augustin Cournot was born on August 28, 1801 in Gray, Haute-Saône. He entered the preparatory school at Collège de Gray in 1809, where he studied until the age of 15. He later studied at Collège Royal de Besançon. In 1821, he entered one of the most prestigious Grande école, the École normale supérieure. According to Agnar 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, Cour ... [...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 f ... 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
Events January–March *January 1 ** The legislative union of Great Britain and Ireland is completed under the Act of Union 1800, bringing about the United Kingdom of Great Britain and Ireland, and the abolition of the Parliament of Ireland. ** Giuseppe Piazzi discovers the asteroid and dwarf planet Ceres (dwarf planet), Ceres. *January 3 – Toussaint Louverture triumphantly enters Santo Domingo, the capital of the former Spanish Captaincy General of Santo Domingo, colony of Santo Domingo, which has become a colony of First French Empire, Napoleonic France. *January 31 – John Marshall is appointed Chief Justice of the United States. *February 4 – William Pitt the Younger resigns as Prime Minister of the United Kingdom. *February 9 – The Treaty of Lunéville ends the War of the Second Coalition between France and Austria. Under the terms of the treaty, all German territories left of the Rhine are officially annexed by France while Austria also has to recognize the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1866 Deaths
Events January * 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 * 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 †... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
