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Foundations of Contemporary Economics: Harold Hotelling on Location and Exhaustible Resources

Author

Listed:
  • Henrik Egbert

    (University of National and World Economy, Sofia, Bulgaria)

  • Teodor Sedlarski

    (University of National and World Economy, Sofia, Bulgaria)

  • Aleksandar B. Todorov

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

Harold Hotelling is an influential statistician working in the field of economic theory at the beginning of the 20th century. His contributions to economics are trailblazing and open new topics for economic and business analysis. His best-known work is his solution to the problem of exhaustible resources. He also triggered the exploration of spatial economics and the analysis of product differentiation through his solution of the optimal location of producers in a duopoly. Less known, but important, are his contributions to the development of modern neoclassical microeconomic theory. Hotelling is also one of the scientists who initiated the turn towards mathematical economics in the 1950s. In this paper we provide an introduction of his groundbreaking work on economic theory.

Suggested Citation

  • Henrik Egbert & Teodor Sedlarski & Aleksandar B. Todorov, 2021. "Foundations of Contemporary Economics: Harold Hotelling on Location and Exhaustible Resources," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 143-152, September.
    • Handle: RePEc:nwe:iisabg:y:2021:i:3:p:143-152
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    More about this item

    Keywords

    Harold Hotelling; spatial economy; exhaustible resources; duality; microeconomic theory; Hotelling's Law; Hotelling's Rule; Hotelling's Lemma;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • H40 - Public Economics - - Publicly Provided Goods - - - General
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • Q31 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Demand and Supply; Prices

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