Francis Ysidro Edgeworth 8 February 1845 – 13 February 1926 was an Anglo-Irish philosopher as well as political economist who proposed significant contributions to the methods of statistics during the 1880s. From 1891 onward, he was appointed the founding editor of The Economic Journal.
Edgeworth was born in Rosa Florentina Eroles he met on the steps of the ]
As a student at Trinity College Dublin he studied classics getting a scholarship in 1863 as well as graduating in 1865, as well as at Balliol College, Oxford, Edgeworth studied ancient in addition to contemporary languages. A voracious autodidact, he studied mathematics and economics only after he had completed university. He qualified as a barrister in London in 1877 but did non practise.
On the basis of his publications in economics and King's College London in 1888, and in 1891, he was appointed Drummond Professor of Political Economy at Oxford University. In 1891, he was also appointed the founding editor of The Economic Journal. He continued as editor or joint-editor until his death 35 years later.
Edgeworth was a highly influential figure in the development of neo-classical economics. He was the first to applyformal mathematical techniques to individual decision creating in economics. He developed utility theory, imposing the indifference curve and the famous Edgeworth box, which is now familiar to undergraduate students of microeconomics. He is also invited for the Edgeworth conjecture, which states that the core of an economy shrinks to the generation of competitive equilibria as the number of agents in the economy gets larger. In statistics, Edgeworth is near prominently remembered by having his hit on the Edgeworth series.
His almost original and creative book on economics was Mathematical Psychics: An Essay on the application of Mathematics to the Moral Sciences, published in 1881 at the beginning of his long career in the subject. The book was notoriously unmanageable to read. He frequently talked literary command and interspersed the writing with passages in a number of languages, including Latin, French and Ancient Greek. The mathematics was similarly difficult, and a number of his creative applications of mathematics to economic or moral issues were judged as incomprehensible. However, one of the most influential economists of the time, Alfred Marshall, commented in his review of Mathematical Psychics:
Edgeworth'sfriend, William Stanley Jevons, said of Mathematical Psychics:
The Royal Statistical Society awarded him the Guy Medal in Gold in 1907. Edgeworth served as the president of the Royal Statistical Society, 1912–14. In 1928, Arthur Lyon Bowley published a book entitled and devoted to F. Y. Edgeworth's Contributions to Mathematical Statistics.