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Lausanne School
The Lausanne School of economics, sometimes referred to as the Mathematical School, refers to the neoclassical economics school of thought surrounding Léon Walras and Vilfredo Pareto. It is named after the University of Lausanne, at which both Walras and Pareto held professorships. Polish economist Leon Winiarski is also said to have been a member of the Lausanne School. Background The term Lausanne School was first coined by the mathematician Hermann Laurent in his article ''Petit traite d'economie politique mathematique'' (''Small Treatise on Mathematical Political Economy''). The central feature of the Lausanne School was its development of general equilibrium theory. Laurent's article presented a simplified version of this theory. Lausanne School is also associated with the Italian School and the Paretian School, which were based on the works of Pareto. Italian economic historians have adopted Luigi Einaudi's description that the age of the Lausanne School in Italy shoul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory. Neoclassical economics is the dominant approach to microeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s onward. Classification The term was originally introduced by Thorstein Veblen in his 1900 article "Preconceptions of Economic Science", in which he related marginalists in the tradition of Alfred Marshall ''et al.'' to ... [...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] |
Vilfredo Pareto
Vilfredo Federico Damaso Pareto (; ; born Wilfried Fritz Pareto; 15 July 1848 – 19 August 1923) was an Italian polymath, whose areas of interest included sociology, civil engineering, economics, political science, and philosophy. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices, and was one of the minds behind the Lausanne School of economics. He was also responsible for popularising the use of the term '' elite'' in social analysis and contributed to elite theory. He has been described as "one of the last Renaissance scholars. Trained in physics and mathematics, he became a polymath whose genius radiated into nearly all other major fields of knowledge." He introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He was also the first to claim that income follows a Pareto distribution, which is a power law probability distribution. The Paret ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Lausanne
The University of Lausanne (UNIL; ) in Lausanne, Switzerland, was founded in 1537 as a school of Protestant theology, before being made a university in 1890. The university is the second-oldest in Switzerland, and one of the oldest universities in the world to be in continuous operation. As of fall 2017, about 15,000 students and 3,300 employees studied and worked at the university. Approximately 1,500 international students attend the university (120 nationalities), which has a wide curriculum including exchange programs with other universities. Together with the École polytechnique fédérale de Lausanne (EPFL) the university forms a vast campus at the shores of Lake Geneva. History The university was founded in 1537 as the ''Schola Lausannensis'', one year after Bern annexed the territory of Barony of Vaud from the Duchy of Savoy, as a school of theology with the purpose of training pastors for the church. It enjoyed great renown in its early years for being the fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leon Winiarski
Leon Winiarski (1865–1915) was a Polish sociologist. Pupil of Vilfredo Pareto Vilfredo Federico Damaso Pareto (; ; born Wilfried Fritz Pareto; 15 July 1848 – 19 August 1923) was an Italian polymath, whose areas of interest included sociology, civil engineering, economics, political science, and philosophy. He made severa ... and later Professor of Sociology at the University of Geneva. at www.polybiblio.com Notes Further reading *Ian Steedman, ''Socialism and Marginalism in Economics'', Routledge, 1995,[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Matthieu Hermann Laurent
Paul Matthieu Hermann Laurent (2 September 1841 in Luxembourg City – 19 February 1908 in Paris, France) was a French mathematician. Despite his large body of works, Laurent series In mathematics, the Laurent series of a complex function f(z) is a representation of that function as a power series which includes terms of negative degree. It may be used to express complex functions in cases where a Taylor series expansio ... expansions for complex functions were ''not'' named after him, but after Pierre Alphonse Laurent. Publications * * * * * * References External links * * * (not born in Echternach) 1841 births 1908 deaths People from Echternach 19th-century French mathematicians 20th-century French mathematicians French mathematical analysts {{France-mathematician-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Equilibrium Theory
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts with the theory of ''partial'' equilibrium, which analyzes a specific part of an economy while its other factors are held constant. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly the work of French economist Léon Walras in his pioneering 1874 work ''Elements of Pure Economics''. The theory reached its modern form with the work of Lionel W. McKenzie (Walrasian theory), Kenneth Arrow and Gérard Debreu (Hicksian theory) in the 1950s. Overview Broadly speaking, general equilibrium tries to give ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luigi Einaudi
Luigi Numa Lorenzo Einaudi (; 24 March 1874 – 30 October 1961) was an Italian politician, economist and banker who served as President of Italy from 1948 to 1955 and is considered one of the founding fathers of the 1946 Italian institutional referendum, Italian Republic. Early life Einaudi was born to Lorenzo Einaudi and Placida Fracchia in Carrù, in the province of Cuneo, Piedmont. In Turin he attended Liceo classico Cavour and completed his university studies; in the same years he became acquainted with Socialism, socialist ideas and collaborated with the magazine ''Critica sociale'', directed by the socialist leader Filippo Turati. In 1895, after overcoming financial difficulties, he graduated in jurisprudence, and was later appointed as a professor in the University of Turin, the Polytechnic University of Turin and the Bocconi University of Milan. As an economist, Einaudi belonged to the Classical economics, classical school of economics in addition to Pietro Campilli, E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist and one of the most influential economists of his time. His book ''Principles of Economics (Marshall), Principles of Economics'' (1890) was the dominant economic textbook in England for many years, and brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole, popularizing the modern Neoclassical economics, neoclassical approach which dominates microeconomics to this day. As a result, he is known as the father of scientific economics. Life and career Marshall was born at Bermondsey in London, the second son of William Marshall (1812–1901), a clerk and cashier at the Bank of England, and Rebecca (1817–1878), daughter of butcher Thomas Oliver, from whom, on her mother's death, she inherited property. Marshall had two brothers and two sisters; a cousin was the economist Ralph George Hawtrey, Ralph Hawtrey. The Marshalls were a West Country clergy, clerical f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
