Open AccessFoundations of Contemporary Economics: Harold Hotelling on Location and Exhaustible Resources
Publication year - 2021
Publication title -
ikonomičeski i socialni alternativi/ikonomičeski i socialni alternativi
Language(s) - English
Resource type - Journals
eISSN - 2534-8965
pISSN - 1314-6556
DOI - 10.37075/isa.2021.3.10
Subject(s) - duopoly , economics , location theory , neoclassical economics , product (mathematics) , work (physics) , economic analysis , managerial economics , mathematical economics , applied economics , classical economics , cournot competition , economic geography , mathematics , mechanical engineering , geometry , engineering
Harold Hotelling is an influential statistician working in the field of economic theory at the beginning of the 20th century. His contributions to economics are trailblazing and open new topics for economic and business analysis. His best-known work is his solution to the problem of exhaustible resources. He also triggered the exploration of spatial economics and the analysis of product differentiation through his solution of the optimal location of producers in a duopoly. Less known, but important, are his contributions to the development of modern neoclassical microeconomic theory. Hotelling is also one of the scientists who initiated the turn towards mathematical economics in the 1950s. In this paper we provide an introduction of his groundbreaking work on economic theory.