110 Irving Fisher — Jlatheniatical hivestigations 



cal school of Roscher and Leslie, on the other the mathematical, 

 deductive, oi- so-called Austrian school of Jevons, Meno-er and 

 Walras, while the " orthodox " economists the legitimate successors 

 of Adam Smith, Ricardo and Mill constitute the central body from 

 which both have split. This cleavage is, howev^er, largely a division 

 of the iield of research rather than opposed theories or methods on 

 the same field. 



The mathematical economics apparently has its warmest adherents 

 in Austria, Italy and Denmark. France occupies the next position, 

 while England, America and Germany have their individual enthu- 

 siasts but are still restrained largely by classic traditions. Prof. 

 Pantaleoni thinks "the most active movement in Italian pol. 

 econ. is that of the new school styled rather inexactly the "Aus- 

 trian,'"^ while Graziani says that the utility theory of value " seems 

 to close the evolutionarv cycle of Italian thouo^ht.'-* 



In England, Prof. Edgeworth, noted for his enthusiasm on mathe- 

 matical economics, has recently been elected to the chair of pol. 

 econ. at Oxford, while Prof. Marshall is canTing forward the same 

 movement at Cambridge. 



There has been a great increase in mathematico-economic litera- 

 ture since 1871. Just two decades have passed by since Jevons' 

 epoch-making books appeared. Of the mathematico-economic 

 writingsf appearing in this period which here come to my notice, 

 the number in the first decade was 30, representing 12 writers, 

 while in the second decade it was 66, representing 23 writers. From 

 all apparent evidence the mathematical method has come to stay. 



§6. 

 TVe can see why this is so if we glance at the work which the 

 mathematical method has already accomplished. It is perhaps fair 

 to credit the idea of marginal utility to mathematical method. This 

 idea had five independent origins with Dupuit, Gossen, Jevons, 

 Menger, and Walras. All except Menger presented this idea and 

 presumably attained it by mathematical methods. No idea has been 

 more fruitful in the history of the science. This one achievement 

 is a sufticient vindication of the mathematical method. 



* Article on Economics in Italy, by Prof. Ugo Rabberio, Pol. Sci. Quart., Sept., 

 1891, pp. 439-478. 



f I have not even included here Menger, Bohm-Bawerk and other writers of the 

 Austrian school, who in spite of a mathematical tone have omitted to use math- 

 ematical symbols. 



