Brainard and Scarf on Equilibrium Prices

William C. Brainard and Herbert E. Scarf ()

American Journal of Economics and Sociology, 2005, vol. 64, issue 1, pages 57-83

Abstract: Irving Fisher's Ph.D. thesis, submitted to Yale University in 1891, contains a fully articulated general equilibrium model presented with the broad scope and formal mathematical clarity associated with Walras and his successors. In addition, Fisher presents a remarkable hydraulic apparatus for calculating equilibrium prices and the resulting distribution of society's endowments among the agents in the economy. In this paper we provide an analytical description of Fisher's apparatus, and report the results of simulating the mechanical/hydraulic "machine," illustrating the ability of the apparatus to "compute" equilibrium prices and also to find multiple equilibria. Copyright 2005 American Journal of Economics and Sociology, Inc..

Date: 2005

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