"There are many anticipators of marginal analysis. Three major names were Augustin Cournot (1801-1877), J. H. von Thünen (1783-1850), and H. H. Gossen (1810-1858). Cournot's originality and ingenuity can hardly be exaggerated. In 200 small pages, he described and defined the downward-sloping , completely analyzed the maximization of profit under conditions of monopoly, advanced an ingenious explanation of pricing, proved that equilibrium price occurred when equaled , and exactly defined the market from which we call perfect competition and he called "unlimited competition." And the book went unread."
January 1, 1970