Reading Cournot, Reading Nash: The Creation and Stabilisation of the Nash Equilibrium

The concept of the Cournot-Nash equilibrium is central to noncooperative game theory and the latter's use in microeconomic theory. This paper considers the creation of this theoretical construct, examining the separate contributions of both Cournot and Nash, and showing how the two were ultimately joined together in the eyes of contemporary economic theorists. Rather than simply show how Cournot served as a precursor to Nash, we challenge the traditional approach, and emphasise the shifts in interpretation of their respective contributions. In so doing, we address some pertinent questions about the manner in which economic theorists view the evolution of their own discipline.