Maurice Allais on Equilibrium and Capital in some of his 1940s Writings
The article discusses M. Allais’ contributions on equilibrium and capital during the 1940s. While in his Traité (1943) Allais formalizes for the first time an intertemporal general equilibrium (IGE) in a finitehorizon economy, he subsequently abandons this notion, and in the Économie (1947) resumes, instead, the more traditional method based on the notion of stationary equilibrium. The article argues: i) that Allais’ reasons to leave the IGE framework behind, of which the most important turn round his misgivings about the sufficiently correct foresight entailed by that notion, and that reflect the impossibility to establish a correspondence between observations and theory by means of the IGE method, are well-justified; ii) that his shift to the method based on the notion of stationary equilibrium to connect the results of neoclassical theory with observations cannot be accepted, since a notion of stationary equilibrium that would make this correspondence possible must face an insurmountable difficulty in the treatment of the factor capital.
|Date of creation:||Dec 2013|
|Contact details of provider:|| Postal: Piazza S.Francesco,7 - 53100 Siena|
Web page: http://www.deps.unisi.it/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:usi:wpaper:690. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fabrizio Becatti)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.