Download Augustin Cournot: Modelling Economics by Jean-Philippe Touffut PDF

By Jean-Philippe Touffut

''If Augustin Cournot had nonetheless been alive, he may have gained the Nobel Memorial Prize in Economics on a minimum of 3 diverse occasions'', exclaimed Nobel Laureate Robert Aumann through the 2005 Cournot Centre convention. From his earliest courses, Cournot broke from culture along with his predecessors in making use of mathematical modelling to the social sphere. for this reason, he used to be the 1st to confirm the mathematization of social phenomena as a necessary precept. The fecundity of Cournot's works stems not just from this departure, but in addition from a richness that irrigated the social sciences of the 20 th century.In this assortment, the participants - together with Nobel laureates in economics - spotlight Cournot's profound innovativeness and endured relevance within the parts of business economics, mathematical economics, industry festival, online game thought and epistemology of chance and records. all the seven authors reminds us of the strength and modernity of Cournot's notion as a mathematician, historian of the sciences, thinker and, no longer least, as an economist. Combining an epistemological standpoint with a theoretical one, this publication might be of serious curiosity to researchers and scholars within the fields of economics, the background of financial suggestion, and epistemology.

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Here, therefore, probabilities occupy a singular position to the extent that, as a mathematical discipline, probability calculus is one of the subjects of epistemological reflection, and yet Cournotian epistemology is, at the same time, dominated by a probabilistic perspective. The question we wish to explore here is how Cournot’s probabilistic epistemology can still instruct us and help us in our reflections today. This is not, therefore, a purely historical question, but it does call for a reconstruction of Cournot’s probabilistic thinking, with which the economist, more focused on his analysis of monopoly and market equilibrium, may not be familiar.

Debates started up about some of his propositions, in particular the theory of markets. Although the theory of monopoly was widely accepted, the theory of competition met with opposition. From the 1880s on, Francis Edgeworth was the fiercest critic of Cournot – especially of his model of duopoly and oligopoly. Cournot as economist 17 Edgeworth12 exerted a lasting influence in this domain, both in the intellectual landscape of Britain and, to a lesser degree, in that of the USA (see Edgeworth, 1881, 1889, 1897).

It may happen, however, even in exploiting products of this nature, that when the exploitation is carried beyond certain limits, it induces higher prices for raw materials and labour, to the point where ϕ′(D) again begins to increase with D.  59–60) This constitutes a complete presentation of the theory of decreasing costs, resulting from both increasing returns and favourable trading conditions. The U-shaped cost curve, which modern economists consider to be the standard case, is portrayed as a likely prospect, but not inevitable.

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