How did von Neumann raise the level of economics?
Von Neumann raised the intellectual and mathematical level of economics in several stunning publications. For his model of an expanding economy, von Neumann proved the existence and uniqueness of an equilibrium using his generalization of the Brouwer fixed-point theorem. Von Neumann's model of an expanding economy considered the matrix pencil  A − λB with nonnegative matrices A and B; von Neumann sought probability vectors p and q and a positive number λ that would solve the complementarity equation