John Von Neumann and Modern Economics

Centering around von Neumann's 1937 paper on the model of an expanding economy, this collection analyzes his versatility as a mathematician and his contribution to economics. The contributors include Kenneth Arrow, Lionello Punzo, Paul Samuelson, A. Brody, John Harsanyi, Sidney Afriat, Gerald
Thompson, and Nicholas Kaldor. Few would dispute John von Neumann’s, importance in the history of economic analysis in the twentieth century. This volume, largely centred round his 1937 paper on the model of an expanding economy, contends that von Neumann changed the very way in which economic analysis is done. His techniques have now become standard in modern economics, and his growth model led to the revival of classical political economy. The contributors, who are drawn from both sides of the Atlantic and include two Nobel Laureates, assess the conceptual significance of von Neumann’s work and demonstrate the extent of his versatility as a mathematician and thinker. Their essays range over the central questions addressed by his work, and include an exploration of its relation to game theory, a discussion of his growth model in historical perspective, and a retrospective analysis of his achievements. In particular, they show how his techniques avoid the methodological individualism of the Austrian School. This volume, introduced by a Foreword from the late Lord Kaldor, will provide professional economists and graduate students alike with valuable insights into the work and significance of one of the century’s major economists.