Should the government bail out the auto industry?

Yes, it's too important to our economy.
No, the government is already broke enough.
Only with strict regulations on how they can spend the money.

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Summaries and Commentaries

Chapter 7: The Victorian World and the Underworld of Economics

Edgeworth, a shy, retiring professor and brilliant scholar, became interested in economics because it dealt with quantities. He applied mathematics to economics and derived his Mathematical Psychics (1881). Its thesis stated that every man, based on mathematical formulas, lives for pleasure, leisure time, and material goods. Of course, skilled and talented people are better "pleasure machines" than others; likewise, males are more endowed with sensibility than females. In developing his thesis, Edgeworth justified the divisions of sex and status numerically and denounced the future of trade-unions, which he considered imperfections.

What was unique about Edgeworth was his use of mathematical formulation to prove his contentions. Essentially, he was conservative and defended his philosophy through the use of long, complicated algebraic expressions. He won a conservative following among fellow Victorians, and his book achieved immediate success. While perhaps helpful in focusing attention on the use of scientific inquiry as an aid to economics, much of Edgeworth's work is worthless. His weakness lies in ignoring the human factor, but the fact that he was not ridiculed by his contemporaries gives significant insight into his era.


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