ABSTRACT

John von Neumann (pronounced NOY-mon) is regarded as one of the great mathematical geniuses of the twentieth century. Nevertheless, he made several contributions to economics. As might be expected, these involved applying mathematics to economic analysis. Unlike other major figures who brought mathematical techniques to economics, von Neumann did not employ calculus to explain economic relationships. Rather, he brought to economics the insights from games of strategy. By so doing, he shed new light on the human interactions that form the basis of economic life.