Today we recognize the birthdays of two economists: Francis Edgeworth and Joseph Schumpeter. Edgeworth was a mathematician, as well as an economist. You can get a fairly full background by checking out sites here and here.
However, the "Edgeworth Box" may be what he is best known for. It is a graphical representation of the benefits of trade. I found this explanation to be helpful. Those of you teaching AP, IB or college principles courses may find this downloadable demonstration of some use.
Joseph Schumpeter was, in my mind, one of the greatest economists of the 20th century. His recognition of the nature of growing economies (creative destruction) was a keen insight. And his view of the role of the entrepreneur (and the acts of entrepreneurship) also earns him accolades. Good short biographies of Schumpeter can be found here and here. However, I also recommend Prophet of Innovation, and for the very ambitious, his History of Economic Analysis. I’ve added both to my carousel, at left. I welcome your comments.
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