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"The Equilibrium Is Never Perfect": The Dynamic Analysis of C.-F.-J. d'Auxiron

"The Equilibrium Is Never Perfect": The Dynamic Analysis of C.-F.-J. d'Auxiron History of Political Economy 36:1 (2004) theories of the emerging market economy were developed. The most famous works from this period are doubtless those of François Quesnay, who between 1756 and 1767 produced his tableaux économiques and many other articles, and the writings of Anne-Robert-Jacques Turgot, whose Reflections on the Formation and Distribution of Wealth was published in 1769–70. From the same period dates a rarely noted attempt to analyze the market economy as an interrelated and self-regulating whole, namely Principes de tout gouvernement (1766) by the engineer C.-F.-J. d’Auxiron. Like his more famous contemporaries, Auxiron was primarily interested in economic growth and intersectoral exchange. Central to his highly original theory was a dynamic analysis describing the reestablishment of equilibrium after the economy experiences a sectoral disequilibrium due to an external shock. Remarkably, Auxiron employed mathematics to analyze this problem and by doing so became the first economic writer to present calculations that describe a process of oscillation toward new equilibrium values. This article discusses Auxiron’s unique analysis in the following order. Section 1 provides a biographical sketch of this largely unknown author. In section 2 the basic economic model presented in Principes is examined. A mathematical reformulation http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

"The Equilibrium Is Never Perfect": The Dynamic Analysis of C.-F.-J. d'Auxiron

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Publisher
Duke University Press
Copyright
Copyright 2004 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-36-1-1
Publisher site
See Article on Publisher Site

Abstract

History of Political Economy 36:1 (2004) theories of the emerging market economy were developed. The most famous works from this period are doubtless those of François Quesnay, who between 1756 and 1767 produced his tableaux économiques and many other articles, and the writings of Anne-Robert-Jacques Turgot, whose Reflections on the Formation and Distribution of Wealth was published in 1769–70. From the same period dates a rarely noted attempt to analyze the market economy as an interrelated and self-regulating whole, namely Principes de tout gouvernement (1766) by the engineer C.-F.-J. d’Auxiron. Like his more famous contemporaries, Auxiron was primarily interested in economic growth and intersectoral exchange. Central to his highly original theory was a dynamic analysis describing the reestablishment of equilibrium after the economy experiences a sectoral disequilibrium due to an external shock. Remarkably, Auxiron employed mathematics to analyze this problem and by doing so became the first economic writer to present calculations that describe a process of oscillation toward new equilibrium values. This article discusses Auxiron’s unique analysis in the following order. Section 1 provides a biographical sketch of this largely unknown author. In section 2 the basic economic model presented in Principes is examined. A mathematical reformulation

Journal

History of Political EconomyDuke University Press

Published: Mar 1, 2004

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