Researches into the mathematical principles of the theory of wealth / by Augustin Cournot. Translated by Nathaniel T. Bacon, with a bibliography of mathematical economics by Irving Fisher.

By: Contributor(s): Material type: TextTextSeries: Economic classics | Economic ClassicsPublication details: New York : Macmillan, 1897.Description: ix, 213 pages : diagrams, folded insert ; 18 cmSubject(s): LOC classification:
  • HB 173 .C78 1897
Online resources:
Contents:
I. Of value in exchange or of wealth in general -- II. Of changes in value, absolute and relative -- III. Of the exchanges -- IV. Of the law of demand -- V. Of monopoly -- VI. Of the influence of taxation on commodities produced under a monopoly -- VII. Of the competition of producers -- VIII. Of unlimited competition -- IX. Of the mutual relations of producers -- X. Of the communication of markets -- XI. Of the social income --XII. Of variations in the social income, resulting from the communication of markets.
Summary: "[Cournet] used the application of the formulas and symbols of mathematics in economic analysis...Cournot introduced the ideas of functions and probability into economic analysis. He derived the first formula for the rule of supply and demand as a function of price and in fact was the first to draw supply and demand curves on a graph, anticipating the work of Alfred Marshall by roughly thirty years. The Cournot duopoly model developed in his book also introduced the concept of a (pure strategy) Nash equilibrium, the Reaction function and best-response dynamics. Cournot believed that economists must utilize the tools of mathematics only to establish probable limits and to express less stable facts in more absolute terms. He further held that the practical uses of mathematics in economics do not necessarily involve strict numerical precision." -- From Wikipedia.
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Item type Current library Call number Status Date due Barcode
BOOKS BOOKS Niebyl-Proctor Marxist Library General Stacks HB 173 .C78 1897 (Browse shelf(Opens below)) Not For Loan NPML20020028

Translation of "Recherches sur les principes mathématiques de la théorie des richesses", first published in 1838.

Includes bibliographical references (pages 173-209) and index.

I. Of value in exchange or of wealth in general -- II. Of changes in value, absolute and relative -- III. Of the exchanges -- IV. Of the law of demand -- V. Of monopoly -- VI. Of the influence of taxation on commodities produced under a monopoly -- VII. Of the competition of producers -- VIII. Of unlimited competition -- IX. Of the mutual relations of producers -- X. Of the communication of markets -- XI. Of the social income --XII. Of variations in the social income, resulting from the communication of markets.

"[Cournet] used the application of the formulas and symbols of mathematics in economic analysis...Cournot introduced the ideas of functions and probability into economic analysis. He derived the first formula for the rule of supply and demand as a function of price and in fact was the first to draw supply and demand curves on a graph, anticipating the work of Alfred Marshall by roughly thirty years. The Cournot duopoly model developed in his book also introduced the concept of a (pure strategy) Nash equilibrium, the Reaction function and best-response dynamics. Cournot believed that economists must utilize the tools of mathematics only to establish probable limits and to express less stable facts in more absolute terms. He further held that the practical uses of mathematics in economics do not necessarily involve strict numerical precision." -- From Wikipedia.

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