science · 31 March 1877 · 147 years ago
death
Died 31 Mar 1877 at age 75 (born 28 Aug 1801).
French economist and mathematician, who was the first economist who applied mathematics to the treatment of economic questions. In 1838, he published Recherches sur les principes mathématiques de la théorie des richesses (Researches into the Mathematical Principles of the Theory of Wealth) which was a treatment of mathematical economics. In particular, he considered the supply-and-demand functions. Further, he studied the conditions for equilibrium with monopoly, duopoly and perfect competition. He included the effect of taxes, treated as changes in production costs, and discussed problems of international trade. His definition of a market is still the basis for that presently used in economics. In other work, he applied probability to legal statistics.
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