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History and Refractions of the Past: From Harold Hotelling's Economics of Exhaustible Resources to the 'Hotelling Rule'

Author

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  • Marion Gaspard

    (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université 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 - UJM EPE - Université Jean Monnet (EPSCPE) - CNRS - Centre National de la Recherche Scientifique, UL2 - Université Lumière - Lyon 2)

Abstract

This article traces the history of Harold Hotelling's paper on exhaustible resources. By combining historical inquiry − focusing on the content and issues of Hotelling's original work − and mnemo-history − examining the successive readings, then the context of the canonization of the article − it shows that Hotelling's success did not stem from gradual recognition but from a refraction of the past orchestrated by Robert Solow in the mid 1970s. Solow's tribute to Hotelling enduringly distorted the collective memory about the nature of Hotelling's contribution. The study invites historians and economists to rebuild a shared memory that aligns more closely with historical research.

Suggested Citation

  • Marion Gaspard, 2026. "History and Refractions of the Past: From Harold Hotelling's Economics of Exhaustible Resources to the 'Hotelling Rule'," Post-Print halshs-05786888, HAL.
    • Handle: RePEc:hal:journl:halshs-05786888
    DOI: 10.1080/09672567.2026.2698455
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