Maffeo Pantaleoni

Maffeo PantaleoniIn hmolscience, Maffeo Pantaleoni (1857-1924) was an Italian economist noted for being the mentor to Italian lawyer-economist Emanuele Sella, noted for his 1910 The Life of Wealth, wherein he applies the work or Rudolf Clausius: second law, entropy, energy, heat, temperature, equilibrium, to the study wealth absorption and radiation, and for his association with French-Italian mathematical engineer Vilfredo Pareto, whose socioeconomic theories of human molecules he would later come to classify as "economic dynamics".

Pareto
In Jan 1890, Pantaleoni met in French-Italian mathematical engineer Vilfredo Pareto, with whom he established a long and sincere friendship that would prove decisive for the future course of science. In 1893, Pantaleoni recommended Pareto to Leon Walrus for appointment as a professor of political economy at the University of Lausanne. [1]

Pantaleoni in his circa 1908 article “The Phenomena of Economic Dynamics” classified Pareto’s general theory as “economic dynamics”. [2]

In 1902, Pareto, in his Socialist Systems, commented the following about Pantaleoni’s Pure Economics: [4]

“Progress in the purely scientific sense of political economy are considerable. Books such as Mathematical Psychics, F. L. Edgeworth, Principii di economia pura [Pure Economics], Maffeo Pantaleoni, Mathematical Investigations in the Theory of Value and Prices, Irving Fisher, etc., are written in a purely scientific point of view. A similar attempt is one of my courses, in the first volume, published in 1896, I said: "In all treatises on political economy, the main part is formed by the science of ophélimité and utility.”

The term "molecule", to note, does not seem to be found in Pantaleoni's Pure Economics. [5]

American economist James Buchanan, supposedly, somewhere, classifies Pareto as a “follower” of Pantaleoni—though, correctly, it would seem to be the reverse, or rather that they were mutual two cultures like associates.

Sella
In 1898, Italian lawyer and political economist Emanuele Sella studied at the University of Geneva for three semesters, where he attending some of Pantaleoni’s courses.

Other
Italian political economist Claudia Rotondi completed her 1995 PhD in the history of economic thought at the University of Florence in 1995 on the economics theories of Pantaleoni, Vilfredo Pareto, and Emanuele Sella, with a dissertation entitled “Theory of competitive companies in the thought of Maffeo Pantaleoni, Vilfredo Pareto, and Emanuele Sella”, and has gone on to write related subjects, such as her 2001 chapter “Competition and Economic Temperature: the Entropy Law in Emanuele Sella’s Work”.

References
1. Maffeo Pantaleoni (ItalianEnglish) – Popsoit.
2. Pantaleoni, Maffeo. (1919). “The Phenomena of Economic Dynamics” (pdf), Abstract of Paper, in: Papers and Discussions of the Twenty-Second Annual Meeting, New York City, Dec 27-31 (pgs. 112-22; homo economicus, pg. 115). Princeton University Press.
3. Rotond, Claudia. (2001). “Competition and Economic Temperature: the Entropy Law in Emanuele Sella’s Work”, in: Economics and Interdisciplinary Exchange (ch. 6, pgs. 150-170), ed. Guido Erreygers. Routledge.
4. (a) Pareto, Vilfredo. (1902). The Socialist Systems, Volume 1 (Les Systéms Socialistes, Volume 1) (pgs. 3-7). V. Giard & E. Briére.
(b) Pareto, Vilfredo. (1902). The Socialist Systems, Volume 2 (Les Systéms Socialistes, Volume 2). V. Giard & E. Briére.
5. (a) Pantaleoni, Maffeo. (1889). Principi di economia pura. Publisher.
(b) Pantaleoni, Maffeo. (1898). Pure Economics (translator: T. Boston Bruce). MacMillan and Co.

Further reading
● Clark, John B. (1909). “Discussion of the Phenomena of Economic Dynamics” (pdf), in: Papers and Discussions of the Twenty-Second Annual Meeting, New York City, Dec 27-31 (pgs. 123-26). Princeton University Press.
● Patten, Simon N. (1909). “Discussion of the Phenomena of Economic Dynamics” (pdf), in: Papers and Discussions of the Twenty-Second Annual Meeting, New York City, Dec 27-31 (pgs. 127-29). Princeton University Press.
● Fetter, Frank A. (1909). “Discussion of the Phenomena of Economic Dynamics” (pdf), in: Papers and Discussions of the Twenty-Second Annual Meeting, New York City, Dec 27-31 (pgs. 130-35). Princeton University Press.

External links
Maffeo Pantaleoni – Wikipedia.

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