Antoine Augustin Cournot Quotes (1801-1877)

“Those skilled in mathematical analysis know that its object is not simply to calculate numbers, but that it is also employed to find the relations between magnitudes which cannot be expressed in numbers and between functions whose law is not capable of algebraic expression.”

“So far we have studies how, for each commodity by itself, the law of demand in connection with the conditions of production of that commodity, determines the price of it and regulates the incomes of its producers. We considered as given and invariable the prices of other commodities and the incomes of other producers; but, in reality the economic system is a whole of which the parts are connected and react on each other. An increase in the incomes of the producers of commodity A will affect the demand for commodities Band C, etc., and the incomes of their producers, and, by its reaction will involve a change in the demand for A. It seems, therefore, as if, for a complete and rigorous solution of the problems relative to some parts of the economic system, it were indispensable to take the entire system into consideration. But this would surpass the powers of mathematical analysis and of our practical methods of calculation, even if the values of all the constants could be assigned to them numerically.”

“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 demand curve, completely analyzed the maximization of profit under conditions of monopoly, advanced an ingenious explanation of duopoly pricing, proved that equilibrium price occurred when aggregate supply equaled aggregate demand, and exactly defined the market from which we call perfect competition and he called "unlimited competition." And the book went unread.”

“It took from a hundred to a hundred and fifty or two hundred years for the astronomy of Kepler to become the astronomy of Newton and Laplace, and for the mechanics of Galileo to become the mechanics of d'Alembert and Lagrange. On the other hand, less than a century has elapsed between the publication of Adam Smith’s work and the contributions of Cournot, Gossen, Jevons, and myself.”

“Faith makes us live by showing us that life, although it is dependent upon reason, has its well spring and source of power elsewhere, in something supernatural and miraculous. Cournot the mathematician, a man of singularly well-balanced and scientifically equipped mind has said that it is this tendency towards the supernatural and miraculous that gives life, and that when it is lacking, all the speculations of reason lead to nothing but affliction of the spirit. ...And in truth we wish to live.”

“In 1823 he took a license degree in mathematics at Sorbonne University. He then became the private secretary of a field marshal who required assistance in writing his memoirs. This position must have left Cournot with considerable time for his own pursuits, for in the course of his ten years in the field marshal's employment he took two doctoral degrees, one in mechanics and one in astronomy. In addition, he published a number of articles and even acquired a degree in law.”