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The Birth of Modern Microeconomics: The Lezioni of 1921

In: Luigi Amoroso

Author

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  • Mario Pomini

    (University of Padova)

Abstract

The chapter analyzes Amoroso’s most important contribution to the field of mathematical economics, the Lezioni di economia matematica of 1921, the first text on this topic published in Europe. The book contains a highly advanced treatment of consumer and producer theory. In his analysis, Amoroso relied extensively on the scheme of constrained maximization derived from rational mechanics. New analytical tools were introduced, such as Lagrange multipliers. His mathematical treatment of monopoly and oligopolistic markets was entirely new. In fact, Amoroso provided the first complete treatment of the Cournot oligopoly model. Interested in mathematical problems, he discussed the relevance of mathematics in economics with Ugo Broggi, an Italian mathematician who later moved to Argentina. The result of this debate was an embryonic axiomatic analysis of consumer theory. However, in the following decade, Amoroso abandoned this mathematical path to devote himself to dynamic analysis.

Suggested Citation

  • Mario Pomini, 2022. "The Birth of Modern Microeconomics: The Lezioni of 1921," Palgrave Studies in the History of Economic Thought, in: Luigi Amoroso, chapter 0, pages 29-57, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-031-10339-1_3
    DOI: 10.1007/978-3-031-10339-1_3
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