How to compute equilibrium prices in 1891.

From: The American Journal of Economics and Sociology | Date: January 1, 2005| Author: Brainard, William C.; Scarf, Herbert E. | Copyright information

Irving Fisher's Ph.D. thesis, submitted to Yale University in 1891, contains a fully articulated general equilibrium model presented with the broad scope and formal mathematical clarity associated with Walras and his successors. In addition, Fisher presents a remarkable hydraulic apparatus for calculating equilibrium prices and the resulting distribution of society's endowments among the agents in the economy. In this paper we provide an analytical description of Fisher's apparatus, and rep...

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