Fixed Point Theorems

Discipline: Economics

First used in economic analysis by Hungarian-born mathematical economist John von Neumann (1903-1957) in 1937, as an extension of the mapping techniques developed earlier by German mathematician Luitzen Egbertus Jan Brouwer; fixed point theorems represent a macroeconomic approach setting out specific targets with regard to the aims of full employment, price stability, economic growth and balance of payments equilibrium.

Source:
L Brouwer, 'Uber eineindeutige, stetige Trans-formationen von Flachen in sich', Mathematische Annalen, vol. LXIX (1910), 176-80;
J von Neumann, 'A Model of General Economic Equilibrium', Review of Economic Studies, 13, 33 (1945-46), 1-9

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