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.
Economics is the social science that studies the production, distribution, and consumption of goods and services.
Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand. This determination is often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production, in accordance with rational choice theory, a theory that has come under considerable question in recent years.
Marie-Esprit-Léon Walras was a French mathematical economist and Georgist. He formulated the marginal theory of value and pioneered the development of general equilibrium theory.
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.
Paul Matthieu Hermann Laurent was a French mathematician. Despite his large body of works, Laurent series expansions for complex functions were not named after him, but after Pierre Alphonse Laurent.
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 to the theory of partial equilibrium, which only analyzes single markets.
Lausanne School is also associated with the Italian School and the Paretian School, which were based on the works of Pareto.The school is distinguished from the work of Alfred Marshall by the way it maintains the necessity of considering the interaction of all parts of the economy simultaneously so that the behavior that occurs within any part of it can be understood. Marshall, on the other hand, preferred to solve economic problems using mathematics as the instrument, with the theorist drawing out conclusions instead of coming up with solutions through the process of verbal reasoning.
Alfred Marshall, FBA was one of the most influential economists of his time. His book, Principles of Economics (1890), was the dominant economic textbook in England for many years. It brings the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics. Although Marshall took economics to a more mathematically rigorous level, he did not want mathematics to overshadow economics and thus make economics irrelevant to the layman.
Vilfredo Federico Damaso Pareto was an Italian engineer, sociologist, economist, political scientist, and philosopher. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices. He was also responsible for popularising the use of the term "elite" in social analysis.
Law and economics or economic analysis of law is the application of economic theory to the analysis of law that began mostly with scholars from the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated.
Lionel Charles Robbins, Baron Robbins, was a British economist, and prominent member of the economics department at the London School of Economics. He is known for his leadership at LSE, his proposed definition of economics, and for his instrumental efforts in shifting Anglo-Saxon economics from its Marshallian direction. He is famous for the quote, "Humans want what they can't have."
Gérard Debreu was a French-born economist and mathematician. Best known as a professor of economics at the University of California, Berkeley, where he began work in 1962, he won the 1983 Nobel Memorial Prize in Economic Sciences.
Socioeconomics is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how societies progress, stagnate, or regress because of their local or regional economy, or the global economy. Societies are divided into 3 groups: social, cultural and economic.
Antoine Augustin Cournot was a French philosopher and mathematician who also contributed to the development of economics.
Herman Edward Daly is an American ecological and Georgist economist and emeritus professor at the School of Public Policy of University of Maryland, College Park in the United States. In 1996, he was awarded the Right Livelihood Award for "defining a path of ecological economics that integrates the key elements of ethics, quality of life, environment and community."
Enrico Barone was a soldier, military historian, and an economist.
The European Association for Evolutionary Political Economy (EAEPE) is a pluralist forum of social scientists that brings together institutional and evolutionary economists broadly defined. EAEPE members are scholars working on realistic approaches to economic theory and economic policy. With a membership of about 500, EAEPE is now the foremost European association for heterodox economists and the second-largest association for economists in Europe.
Zoltan J. Acs is an American economist. He is Professor of Management at The London School of Economics (LSE), and a professor at George Mason University, where he teaches in the Schar School of Policy and Government and is the Director of the Center for Entrepreneurship and Public Policy. He is also a visiting professor at Imperial College Business School in London and affiliated with the University of Pecs in Hungary. He is co-editor and founder of Small Business Economics, a leading academic journal.
Mark Blaug FBA was a Dutch-born British economist, who covered a broad range of topics during his long career.
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. By convention, these applied methods are beyond simple geometry, such as differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, and other computational methods. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity.
David Michael Garrood Newbery, CBE, FBA, is a Professor of Applied Economics at the University of Cambridge. He got this position in 1988. He specializes in the field of energy economics, and he writes on the regulation of electricity markets. His interests also include climate change mitigation and environmental policy, privatisation, and risk.
The progressive theory of capital is an economic theory posited by Léon Walras in 1874 in part 5 of his book Elements of Pure Economics.
In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a goods or service is the change in the utility from an increase in the consumption of that good or service.
Thomas MacGillivray Humphrey is an American economist. Until 2005 he was a research advisor and senior economist in the research department of the Federal Reserve Bank of Richmond and editor of the Bank's flagship publication, the Economic Quarterly. His publications cover macroeconomics, monetary economics, and the history of economic thought. Mark Blaug called him the "undisputed master" of British classical monetary thought.
Ruth Towse FRSA is a British economist and Professor of Economics of Creative Industries at Bournemouth University and Professor Emerita at Erasmus University, Rotterdam. A leading authority in cultural economics with a particular emphasis on the economics of media and copyright, she has taught in UK, the Netherlands, Italy and Thailand universities. She was married to Mark Blaug.
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