December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Markets and firms
KEY THINKERS
Antoine Augustin Cournot (1801–77)
Joseph Bertrand (1822–1900)
BEFORE
1668 German scientist Johann Becher discusses the impact of competition and monopoly in his Political Discourse.
1776 Adam Smith describes how perfect competition maximizes social welfare.
AFTER
1883 French mathematician Joseph Bertrand changes the strategic choices in Cournot’s model from quantity to price.
1951 US economist John Nash publishes the general definition of equilibrium for game theory, using Cournot’s duopoly as his first example.
By the second half of the 17th century economists had begun to observe the effects in markets of ...
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