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Francis Ysidro EdgeworthIrish economist, representative of the mathematical school in economics
Date of Birth: 08.02.1845
Country:  Ireland |
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Biography of Francis Ysidro Edgeworth
Francis Ysidro Edgeworth (1845–1926) was an Irish economist and a representative of the mathematical school in economics. He was born on February 8, 1845, in Edgeworthstown, Ireland. He completed his education at Trinity College in Dublin and later at Balliol College, Oxford University in 1869. In 1877, he was admitted to the bar and lectured at King's College, London University. In 1888, he was appointed as a professor of political economy at London University, and in 1891, he became a professor at Oxford University, where he was elected as a fellow of All Souls College and served until his resignation in 1922.
Contributions to Economics
Edgeworth was a follower of William Stanley Jevons and Alfred Marshall and adhered to utilitarian concepts. He developed a system of economic variables and measurements of utility (ethical value) and pioneered the algebraic and diagrammatic representation of economic equilibrium. In his first book, "New and Old Methods of Ethics" (1877), he applied variational calculus, believing that it would help clarify fundamental ethical questions. In his work "Mathematical Psychics" (1881), Edgeworth proposed a general theory of "utility function," examined issues of contract formation and enforcement in free market conditions, introduced the concept of "indifference curve" to describe situations where a buyer has to make a quantitative choice between two goods, and explored "contractual uncertainty."
Later Work and Legacy
In 1925, Edgeworth published a collection of articles titled "Papers Relating to Political Economy," which offered a new interpretation of international trade, taxation, as well as various statistical and probability theory problems. From 1891 to 1926, he served as the editor of the "Economic Journal." Edgeworth passed away on February 13, 1926, in Oxford. His contributions to economics, particularly in the field of mathematical economics, have had a lasting impact on the discipline.
