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A Pioneering Analysis of the Core: Turgot's Essay on Value

Published online by Cambridge University Press:  17 August 2016

Meghnad Desai
Meghnad Desai*
Affiliation:
London School of Economics
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Extract

SECTION I

The idea of the core of an economy and the convergence of core allocations to the competitive equilibrium are well established in the economic literature. It has been assumed by most authors on this topic that it was Edgeworth who in his Mathematics Psychics first stated and proved the major result concerning the core. [Debreu and Scarf (1963), Arrow and Hahn (1971)]. The purpose of this paper is to draw attention to an essay by Turgot where the idea of the core is clearly stated and an argument about the convergence of the core to the competitive equilibrium as the number of consumers increases is first presented. Edgeworth’s Mathematical Psychics came out in 1881, Turgor’s essay was written some time in the 1760’s, definitely by 1770, but did not appear until Du Pont published his Oeuvres in 1808. Either way, if we can persuasively argue Turgot's claim then the discovery of this result is pushed back by more than a hundred years.

Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 53 , Issue 2 , June 1987 , pp. 191 - 198
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1987 

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References

REFERENCES

Arrow, K.J. and Hahn, F.H. (1971), General Competitive Analysis, Edingurgh, Oliver and Boyd.Google Scholar
Debreu, G. and Scarf, H. (1963), A Limit Theorem on the Core of an Economy, International Economic Review, September.Google Scholar
Edgeworth, F.Y. (1881), Mathematical Psychics, London, Kegan Paul.Google Scholar
Meek, R.L. (1973), Precussors of Adam Smith, London, Dent.Google Scholar
Robinson, J. and Eatwell, J. (1973), An Introduction to Modern Economics, Maidenhead, McGraw Hill.Google Scholar
Turcot, A.R.J. (1767/1808), Value and Money, in Meek, (1973), pp. 75–100.Google Scholar