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Indifference Curves and a Hydraulic Model of General Equilibrium

In: Irving Fisher

Author

Listed:
  • Robert W. Dimand

    (Brock University)

Abstract

Indifference Curves and a Hydraulic Model of General Equilibrium examines Fisher’s Mathematical Investigations in the Theory of Value and Prices (Yale PhD dissertation 1891, published 1892) which not only independently reinvented general equilibrium analysis before Fisher read Walras or Edgeworth (hence Robert Dorfman’s view that the thesis should have been rejected for unnecessary duplication of existing literature) but also introduced ordinal utility and indifference curves and constructed a hydraulic model to simulate the determination of equilibrium prices and quantities (justifying Paul Samuelson’s verdict that it was “the greatest Ph.D. dissertation ever written in economics”).

Suggested Citation

  • Robert W. Dimand, 2019. "Indifference Curves and a Hydraulic Model of General Equilibrium," Great Thinkers in Economics, in: Irving Fisher, chapter 0, pages 17-44, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-3-030-05177-8_2
    DOI: 10.1007/978-3-030-05177-8_2
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