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The Growing of Ramsey's Growth Model

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  • Pedro Garcia Duarte

Abstract

Frank Plumpton Ramsey (1903–1930) was a Cambridge mathematician who made important contributions not only to philosophy, mathematics, logic, and probability, but also to economics. Ramsey made two major contributions to economics, both published in the Economic Journal in 1927 and 1928, which became popular only in the 1950s and 1960s. In both cases, economists portrayed Ramsey as a sleeping giant: a mathematician who had almost no impact on the economics profession prior to 1950 because his mathematical analysis was out of the reach of the typical economist of his time. My goal in this article is to understand how Ramsey's growth model became part of the neoclassical literature on economic growth in the 1950s and 1960s and how Ramsey became a sacred predecessor of this field. In order to better understand the stabilization of Ramsey's growth model in postwar economics, I conduct a JSTOR search and consult a few book references. Based on this dataset, I conclude that Ramsey was in fact “awake” in the economic growth literature pre-1950. I discuss as well the main economists who transported Ramsey from the Cambridge milieu of the 1920s to the North American economics of the postwar period.

Suggested Citation

  • Pedro Garcia Duarte, 2009. "The Growing of Ramsey's Growth Model," History of Political Economy, Duke University Press, vol. 41(5), pages 161-181, Supplemen.
  • Handle: RePEc:hop:hopeec:v:41:y:2009:i:5:p:161-181
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    Cited by:

    1. Matheus Assaf, 2017. "Coast to Coast: How MIT's students linked the Solow model and optimal growth theory," Working Papers, Department of Economics 2017_20, University of São Paulo (FEA-USP).
    2. Pedro Garcia Duarte, 2014. "Frank Ramsey," Working Papers, Department of Economics 2014_17, University of São Paulo (FEA-USP).

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    Keywords

    Frank Plumpton Ramsey; Economic Journal;

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