[OPE-L:4432] Re: Edgeworth as precursor of Farjoun and Machover

From: Duncan K. Foley (foleyd@cepa.newschool.edu)
Date: Fri Nov 03 2000 - 17:34:24 EST

There's something to be said for this point of view, as a 
representation of the short-term fluctuation of market price. I wrote 
a paper about this (JET, 1994), and there are some other papers on 
statistical mechanics and economic equilibrium on my web page.

>This is particularly for Alejandro, Allin and Paul C:
>Re-browsing through the work by Porter referred to in another post, I note
>that Frances Ysidro Edgeworth appears to have been a pioneer in the use of
>the gas statistics metaphor for the operation of a competitive market
>economy (Porter, T. M. (1986). The rise of statistical thinking 1820-1900,
>Princeton: Princeton University Press, page 258).
>I'll follow-up the reference given there and report, but it looks to me as
>if FYE got the metaphor wrong: he seems to have associated the gas pressure
>with the (alleged) uniformity of price generated by competition.

Duncan K. Foley
Leo Model Professor
Department of Economics
Graduate Faculty
New School University
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