Foundations of Contemporary Economics: Harold Hotelling on Location and Exhaustible Resources

Henrik Egbert (), Teodor Sedlarski and Aleksandar B. Todorov
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Aleksandar B. Todorov: University of National and World Economy, Sofia, Bulgaria

Ikonomiceski i Sotsialni Alternativi, 2021, issue 3, 143-152

Abstract: Harold Hotelling is an influential statistician working in the field of economic theory at the beginning of the 20th century. His contributions to economics are trailblazing and open new topics for economic and business analysis. His best-known work is his solution to the problem of exhaustible resources. He also triggered the exploration of spatial economics and the analysis of product differentiation through his solution of the optimal location of producers in a duopoly. Less known, but important, are his contributions to the development of modern neoclassical microeconomic theory. Hotelling is also one of the scientists who initiated the turn towards mathematical economics in the 1950s. In this paper we provide an introduction of his groundbreaking work on economic theory.

Keywords: Harold Hotelling; spatial economy; exhaustible resources; duality; microeconomic theory; Hotelling's Law; Hotelling's Rule; Hotelling's Lemma (search for similar items in EconPapers)
JEL-codes: B31 D11 D21 H40 L13 Q31 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:iisabg:y:2021:i:3:p:143-152

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