The Le Chatelier principle in linear programming. U.S. Air Force Project RAND report RM-210. Reproduced typescript. Original printed wrappers

SAMUELSON, Paul

Published by Santa Monica, CA: The RAND Corporation, 1949

About this Item

First edition of this extremely rare and important research memorandum, in which Samuelson first introduced his principle, which later became known as the Samuelson-Le Châtelier (or correspondence) principle, into the newly born field of linear programming, which is a mathematical method for determining a way to achieve the best outcome in a given mathematical model. This working paper, prepared under the auspices of Project RAND (later the RAND Corporation), was most likely issued in an edition of 50 copies or fewer; a note on the title reads that "RAND Research Memoranda are available to authorized persons or agencies for their use and further dissemination is not permitted." OCLC lists one copy only. In his magnum opus, The Foundations of Economic Analysis (1947), Samuelson had adapted the Le Chatelier principle of thermodynamics in order to solve the fundamental problem of explaining how the coordinates of an equilibrium point defined by a system of equations shift when one or more of the given determining parameters changes. In the context of economics this principle states that if the quantity of one of the available resources changes, then its shadow price changes in the opposite direction, or in other words, the marginal value of a resource increases if its amount is reduced, and vice versa. The first American to receive the Nobel Prize in Economics, Samuelson has often been called "the father of modern economics" because he, more than anyone else, was responsible for incorporating the use of mathematics and the principles of optimization that characterize the modern paradigm of economic analysis. This working paper, prepared under the auspices of Project RAND (later the RAND Corporation), was most likely issued in an edition of 50 copies or fewer; a note on the title reads that "RAND Research Memoranda are available to authorized persons or agencies for their use and further dissemination is not permitted." Only one copy (Duke University) cited in OCLC. 4to, ff. [1], 18. Original printed wrappers. Seller Inventory # ABE-1471202630338

Bibliographic Details

Title: The Le Chatelier principle in linear ...

Publisher: Santa Monica, CA: The RAND Corporation

Publication Date: 1949

Binding: Soft cover

Condition: Very Good

Edition: 1st Edition