Francis Edgeworth

Francis Edgeworth was an influential economist and mathematician known for his work on economic theory and the concept of utility. He helped develop models to understand how people make decisions to maximize their satisfaction, including the idea of indifference curves—graphs showing different combinations of goods that provide the same happiness. Edgeworth also contributed to the study of bargaining and market equilibrium, enhancing our understanding of how supply, demand, and negotiations influence prices and resource allocation. His work laid important groundwork for modern microeconomics, blending mathematics with economic analysis to better explain human behavior in markets.