FRANCIS YSIDRO EDGEWORTH PDF

His grandfather was Richard Lovell Edgeworth, an author, inventor and educationalist who was married four times and had 22 children. Richard Lovell Edgeworth had an estate at Edgeworthstown, northwest of Dublin, and it was on this estate that Edgeworth was born. He was the youngest of his parents five sons and when he was only two years old his father died. Two years later Maria, who also lived on the estate, also died.

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In he qualified as a barrister. From to he was Drummond Professor of Economics at Oxford. He also played an important role as editor of the Economic Journal — Although Edgeworth was strong in mathematics, he was weak at prose, and his publications failed to reach a popular audience.

He had hoped to use mathematics to illuminate ethical questions, but his first work, New and Old Methods of Ethics , depended so heavily on mathematical techniques—especially the calculus of variations—that the book may have deterred otherwise interested readers.

His most famous work, Mathematical Psychics , presented his new ideas on the generalized utility function, the indifference curve , and the contract curve, all of which have become standard devices of economic theory. Edgeworth contributed to the pure theory of international trade and to taxation and monopoly theory.

He also made important contributions to the theory of index numbers and to statistical theory, in particular to probability , advocating the use of data from past experience as the basis for estimating future probabilities.

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