Antoine Augustin Cournot (28 August 1801‑ 31 March 1877) was a French philosopher and mathematician.
Antoine Augustin Cournot was born at Gray, Haute-Saone. In 1821 he entered a teachers’ training college, and in 1829 he had earned a doctoral degree in mathematics, with mechanics as his main thesis supplemented by astrology. After graduating, Cournot held many positions as professor of analysis and mechanics, chief examiner for undergraduate students, and rector of Dijon Academy.
Cournot was mainly a mathematician, but did have some influence over economics. His theories on monopolies and duopolies are still famous. In 1838 Researches on the Mathematical Principals of the Theory of Wealth was published, and still has influence in economics today. In this book he used the application of the formulas and symbols of mathematics in economic analysis, which was highly criticized. This book was not very successful during Cournot’s lifetime, and he did try to rewrite it twice.Today many economists believe this book to be the point of departure for modern economic analysis. Cournot introduced the ideas of function and probability into economic analysis. He derived the first formula for the rule of supply and demand as a function of price.
Cournot believed that economists must utilize the tools of mathematics only to establish probable limits and to express less stable facts in more absolute terms. He further held that the practical uses of mathematics in economics do not necessarily involve strict numerical precision.
Today, Cournot’s work is recognized in a discipline called econometrics. He was also a teacher of political economics and mathematics to Auguste Walras, who was the father of Leon Walras. Cournot and Auguste Walras persuaded Leon Walras to try political economics. Cournot is also credited to be one of the sources of inspiration for Leon Walras and his equilibrium theory.
By the time Cournot died in 1877, he was nearly blind.
In the field of economics he is best known for his work in the field of oligopoly theory - Cournot competition
External links
For an interesting early 20th century evaluation see
Last updated: 08-20-2005 22:37:48
