Edgeworth, Francis Ysidro

▪ Irish economist

original name  Ysidro Francis Edgeworth 

born February 8, 1845, Edgeworthstown, County Longford, Ireland

died February 13, 1926, Oxford, Oxfordshire, England

      Irish economist and statistician who innovatively applied mathematics to the fields of economics and statistics.

      Edgeworth was educated at Trinity College in Dublin and Balliol College, Oxford, graduating in 1869. In 1877 he qualified as a barrister. He lectured at King's College in London from 1880, becoming professor of political economy in 1888. From 1891 to 1922 he was Drummond Professor of Economics at Oxford. He also played an important role as editor of the Economic Journal (1891–1926).

      Although Edgeworth was strong in mathematics, he was weak at prose, and his publications failed to reach a popular audience. He had hoped to use mathematics to illuminate ethical questions, but his first work, New and Old Methods of Ethics (1877), depended so heavily on mathematical techniques—especially the calculus of variations—that the book may have deterred otherwise interested readers. His most famous work, Mathematical Psychics (1881), presented his new ideas on the generalized utility (utility and value) function, the indifference curve, and the contract curve, all of which have become standard devices of economic theory.

      Edgeworth contributed to the pure theory of international trade and to taxation and monopoly (monopoly and competition) theory. He also made important contributions to the theory of index numbers and to statistical theory, in particular to probability (probability theory), advocating the use of data from past experience as the basis for estimating future probabilities. John Kenneth Galbraith (Galbraith, John Kenneth) once remarked that “all races have produced notable economists, except the Irish.” Edgeworth is a strong counterexample to Galbraith's claim.

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