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It is satisfactory to me to find that my theory of exchange, which, when published in England, was either neglected or criticised, is practically confirmed by your researches. I do not know whether you are acquainted with my writings on the subject. All the chief points of my mathematical theory were clear to my own mind by the year 1862... read at the meeting of the British Association at Cambridge... he original paper was printed in the journal of the London Statistical Society in 1866... Finally, in 1871, I caused to be published... the Theory of Political Economy, in which is given a full explanation of the theory, with the aid of mathematical symbols. ...our theory substantially coincides with and confirms mine, although the symbols are differently chosen, and there are incidental variations. ...he whole theory rests on the notion... that the utility of a commodity is not proportional to its quantity; what you call the rarity of a commodity appears to be exactly what I called the coefficient of utility at first, and afterwards the degree of utility, which... was really the differential coefficient of the utility considered as the function of the quantity of commodity. The theory of exchange is given... and may be considered to be contained in one sentence. An equation may thus be established on either side between the utility gained and sacrificed at the ratio of exchange of the whole commodities, upon the last increments exchanged. ...n my book of 1871, I show fully how this theory may be expressed in symbols. ...hen the meaning of the terms is explained, your proposition 'Les prix courants ou prix d'equilibre sont égaux aux rapports des raretés' is seen to coincide precisely with my theory, except that you do not point out how many equations are requisite, or how many unknown quantities there are.
The publication of your paper... tends to confirm my belief in the correctness of the theory, but it might lead to misapprehensions as to the originality and priority... indly inform me whether you are sufficiently acquainted with my writings, or whether you would desire me to forward a copy of my Theory of Political Economy. ... (en) |
