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An Inquiry into the Ramsey-Hotelling Connection

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  • Marion Gaspard

    (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique)

  • Antoine Missemer

    (CIRED - centre international de recherche sur l'environnement et le développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)

Abstract

Ramsey's 1928 paper on saving and Hotelling's 1931 article on exhaustible resources are considered to be two seminal contributions in economic dynamics. They have been associated because of their temporal proximity, use of the calculus of variations, and because of Hotelling's citation of Ramsey. This connection however needs to be precisely investigated and characterized. On the basis of archival material, this paper shows that, on the interpersonal and theoretical ground, the connection is quite thin, but that significant parallels are found in Ramsey's and Hotelling's expectations with mathematical economics for the progress of science and for informing public decision.

Suggested Citation

  • Marion Gaspard & Antoine Missemer, 2019. "An Inquiry into the Ramsey-Hotelling Connection," Post-Print halshs-01934408, HAL.
    • Handle: RePEc:hal:journl:halshs-01934408
    DOI: 10.1080/09672567.2019.1576059
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01934408
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    References listed on IDEAS

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    1. Gaspard, Marion, 2003. "Ramsey's theory of National Saving: A Mathematician in Cambridge," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(4), pages 413-435, December.
    2. K. Arrow, 2010. "Some Developments in Economic Theory Since 1940: An Eyewitness Account," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 4.
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    4. Marion Gaspard, 2014. "Logic, rationality and knowledge in Ramsey's thought: reassessing 'human logic'," Journal of Economic Methodology, Taylor & Francis Journals, vol. 21(2), pages 139-157, June.
    5. Robert M. Solow, 1974. "The Economics of Resources or the Resources of Economics," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 12, pages 257-276, Palgrave Macmillan.
    6. Marion Gaspard, 2001. "Les démonstrations de la règle de Ramsey. Les mathématiques comme « self-control »," Revue économique, Presses de Sciences-Po, vol. 52(3), pages 595-604.
    7. Antoine Missemer, 2017. "Les Économistes et la fin des énergies fossiles (1865-1931)," Post-Print halshs-01546579, HAL.
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    12. Albert Gailord Hart, 1937. "Anticipations, Business Planning, and the Cycle," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 273-297.
    13. Marion Gaspard, 2005. "Individual Behaviors and Collective Welfare: Ramsey's " microfoundations " of " macro-equilibrium "," Post-Print halshs-01162036, HAL.
    14. Harold Hotelling, 1932. "Edgeworth's Taxation Paradox and the Nature of Demand and Supply Functions," Journal of Political Economy, University of Chicago Press, vol. 40(5), pages 577-577.
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    Cited by:

    1. Vincent Carret, 2021. "Rupture and continuity in the original divide between micro-dynamics and macro-dynamics," Working Papers halshs-03242180, HAL.
    2. Franco, Marco P.V. & Gaspard, Marion & Mueller, Thomas, 2019. "Time discounting in Harold Hotelling's approach to natural resource economics: The unsolved ethical question," Ecological Economics, Elsevier, vol. 163(C), pages 52-60.
    3. Missemer, Antoine & Nadaud, Franck, 2020. "Energy as a factor of production: Historical roots in the American institutionalist context," Energy Economics, Elsevier, vol. 86(C).
    4. François Allisson & Antoine Missemer, 2020. "Some Historiographical Tools for the Study of Intellectual Legacies," Post-Print halshs-02931492, HAL.
    5. Roberto Ferreira da Cunha & Antoine Missemer, 2020. "The Hotelling rule in non‐renewable resource economics: A reassessment," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 53(2), pages 800-820, May.
    6. Louis-Gaëtan Giraudet & Antoine Missemer, 2023. "The History of Energy Efficiency in Economics: Breakpoints and Regularities," Post-Print halshs-02301636, HAL.

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