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Maurice Allais
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{{Short description|French economist (1911â2010)}}{{use dmy dates|date=September 2023}}- the content below is remote from Wikipedia
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Economist
Author of several theoretical and applied economics studies, his work has focused on the development of mathematical economics, especially in the fields of general equilibrium theory, capital theory, decision theory, and monetary policy. A pioneer in macroeconomic monetary analyses, the economist has been authoritative for his theoretical studies of risk, illustrated by his famous paradox: "the less the risk is, the more speculators flee." He has also been a pioneer in various fields such as the role of central banks and the pricing of public services.Inspired at first by Walras
His first book develops the microeconomic aspect. With Traité d'économie pure, which he wrote between January 1941 and July 1943, based on his contributions, along with Hicks and Samuelson, to the concept of neoclassical synthesis. He anticipates several of the propositions and theorems put forward by Hicks, Samuelson and others, sometimes giving them a more general and rigorous formulation. In particular, he demonstrates the equivalence theorems that Kenneth Arrow and Gerard Debreu will find in 1954: "Every equilibrium situation in a market economy is a situation of maximum efficiency, and reciprocally, every situation of maximum efficiency Is a equilibrium situation in a market economy." The market thus ensures economic efficiency and optimal distribution of income in the nation. At the same time, Samuelson exposed the process of trial and error which leads to the equilibrium of markets.In 1947, in the second part of his work Ãconomie et Intérêt, Allais introduced time and currency and thus tackled the dynamics and growth of capitalist economies. Again, he made several proposals, that would be later attributed to other, better-known economists. He introduced the first overlapping generations model(OLG model) (later popularized and attributed to Paul Samuelson in 1958), introduced the golden rule of optimal growth before Trevor Swan and Edmund Phelps, show that an interest rate equal to the growth rate maximizes consumption. He also described the transaction demand for money rule before William Baumol and James Tobinweblink" title="web.archive.org/web/20101123191319weblink">History of economic thought website. Homepage.newschool.edu. Retrieved on 2011-07-04.He was also responsible for early work in Behavioral economics, which in the US is generally attributed to Daniel Kahneman and Amos Tversky.John Kay, Financial Times, 25 August 2010 p 9.In the 1940s, Allais worked on "decision theory" (or "theory of choice") under uncertainty and developed a theory of cardinal utility. Due to war conditions and his commitment to publish in French, his work was undertaken independently of Theory of games and economic behavior developed by John von Neumann and Oskar Morgenstern. He formulated the Allais paradox in 1953, which questions the traditional model of rationality of choices and contradicts the expected utility hypothesis. It shows that when confronted with a lottery, an individual does not maximize his hoped-for gains, but rather aims at certainty.Liberalism and socialism
Although he participated in the Mont Pelerin Society, Allais was convinced of an affinity between liberalism and socialism, stating: "âFor the true liberal, as for the true socialist, it matters little whether the means of production are privately or collectively owned, so long as the essential goals they pursue, namely efficiency and justice, are achieved."BOOK, Rosenblatt, Helena, French Liberalism from Montesquieu to the Present Day, 2012, Cambridge University Press, 221, He advocated "competitive planning" as a "possible synthesis of liberalism and socialism." In 1959, he and other French members of Mont Pelerin such as Jacques Rueff established an organization, Mouvement pour une société libre, which spoke readily of a social liberalism that would go "beyond laissez-faire and socialism."Rejection of general equilibrium theory
Finally he criticizes the drifts of a discipline that privileges mathematical virtuosity at the expense of realism. With this "new scholastic totalitarianism" he moved away, in the 60s, from the analysis of the general equilibrium developed by Walras and replace it with a study focusing on real markets rather than a utopian market, favoring the study of imbalance and based on the idea of surplus. The economic dynamics are thus characterized by the research, the realization and the distribution of a surplus and there is a general equilibrium when there is no longer any realizable surplus.Allais's Hereditary, Relativist and Logistic (HRL) theory of monetary dynamics contains an original theory of expectations formation that is a genuine alternative to both adaptive and rational expectations.Allais, M. (1965), Reformulation de la théorie quantitative de la monnaie, Société dâétudes et de documentation économiques, industrielles et sociales (SEDEIS), Paris. It was praised by Milton Friedman in 1968 with the following words:"This work [the HRL formulation] introduces a very basic and important distinction between psychological time and chronological time. It is one of the most important and original paper that has been written for a long time ⦠for its consideration of the problem of the formation of expectations".Friedman, M. (1968), Factors affecting the level of interest rates, in Savings and residential financing: 1968 Conference Proceedings, Jacobs, D. P., and Pratt, R. T., (eds.), The United States Saving and Loan League, Chicago, IL, p. 375.Allais's contribution has nevertheless been "lost": it has been absent from the debate about expectations.Barthalon, E. (2014), Uncertainty, Expectations and Financial Instability, Reviving Allais's Lost Theory of Psychological Time, Columbia University Press, New York.Position against globalization
On the first page, he dedicates his book La mondialisation: destruction des emplois et de la croissance (1990), Globalization: destruction of jobs and growth, "To the countless victims worldwide of the free-trade ideology, ideology as fatal as it is erroneous, and to all those who are not blind to some partisan passion".WEB,weblink Globalization, allais.maurice.free.fr, Allais believes that Ricardo's theory is valid only in a steady state, but disappears when the specializations evolve and when the capital is mobile.According to him, "Globalization can only bring everywhere instability, unemployment, injustices [...] and "widespread globalization is neither inevitable nor necessary nor desirable". He considers thaweblink {{Bare URL PDF|date=March 2022}} "unemployment arise from the offshoring, themselves due to the excessive differences in wages"; "reasoned protectionism between countries with very different incomes, is not only justified but absolutely necessary"; and the absence of protection will destroy all industries of each country with higher incomes.In his opinion, crisis and globalization are linked: "The financial and banking crisis which, is only the spectacular symptom of a deeper economic crisis: the deregulationWEB,weblink Deregulation, Investopedia, Staff, 25 November 2003, of competition in the global labor marketWEB,weblink Trade Liberalization, Investopedia, Staff, 3 April 2010, ". "Current unemployment is due to this total liberalization of trade[...] As such, it constitutes a major foolishness, starting from an unbelievable contradiction. Just as attributing the crisis of 1929 to protectionist causes is a historical contradiction. The true origin was already in the careless development of credit in the years preceding it."In 1992, Allais criticised the Maastricht Treaty for its excessive emphasis on free trade. He also expressed reservations on the single European currency.L'Humanité (French) 17 September 1992 {{webarchive |url=https://web.archive.org/web/20080309132107weblink |date=March 9, 2008 }} In 2005, he expressed similar reservations concerning the European Constitution.L'Humanité (French) 26 May 2005 {{webarchive |url=https://web.archive.org/web/20080307195652weblink |date=March 7, 2008 }}Physics
Besides his career in economics, he performed experiments between 1952 and 1960 in the fields of gravitation, special relativity and electromagnetism, to investigate possible links between the fields. He reported three effects:- An unexpected anomalous effect in the angular velocity of the plane of oscillation of a paraconical pendulum, detected during two partial solar eclipses in 1954 and 1959. The claimed effect is now called the Allais effect.
- Anomalous irregularities in the oscillation of the paraconical pendulum with respect to a sidereal diurnal periodicity of 23 hours 56 minutes and tidal periodicity of 24 hours 50 minutes.
- Anomalous irregularities in optical theodolite measurements, with the same lunisolar periodicities.
, Leslie Mullen
, Decrypting the Eclipse
, 1999
, Archived copy of science.nasa.gov page
,weblink
, dead
,weblink" title="web.archive.org/web/20080516091554weblink">weblink
, 2008-05-16
, WEB
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, 1999
, Archived copy of science.nasa.gov page
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Bibliography
- Les Lignes directrices de mon Åuvre, Conférence Nobel prononcée devant l'Académie royale des Sciences de Suède;
- à la recherche d'une discipline économique (1943);
- Ãconomie pure et rendement social (1945);
- Abondance ou misère (1946);
- Ãconomie et intérêt, (1947);
- La Gestion des houillères nationalisées et la théorie économique (1949);
- Le Comportement de lâhomme rationnel devant le risque: critique des postulats et axiomes de lâécole américaine (1953);
- Les Fondements comptables de la macro-économique (1954);
- L'Europe unie, route de la prospérité (1959);
- Le Tiers monde au carrefour (1961);
- L'Algérie d'Evian (1962);Réédition avec une nouvelle préface de Maurice Allais et son discours du 6 mars 1999 : Les Harkis un impérieux devoir de mémoire
- The Role of Capital in Economic Development (Rôle du capital dans le développement économique) (1963);
- Reformulation de la théorie quantitative de la monnaie (1965);
- Growth Without Inflation (Croissance sans inflation) (1967);
- La Libéralisation des relations économiques internationales â Accords commerciaux ou intégration économique (1970);
- L'Inflation française et la croissance â Mythologies et réalité (1974);
- L'Impôt sur le capital et la réforme monétaire (1976);
- La Théorie générale des surplus (1978);
- Les Conditions monétaires d'une économie de marchés (1987);
- Autoportrait (1989);
- Pour l'indexation (1990);
- Les Bouleversements à lâEst. Que faire? (1990);
- La Théorie générale des surplus et l'économie de marchés (1990 â trois mémoires de 1967, 1971, 1988);
- Contributions à la théorie générale de l'efficacité maximale et des surplus (1990 â quatre mémoires de 1964, 1965, 1973 et 1975);
- Pour la réforme de la fiscalitéAndré-Jacques Holbecq, weblink" title="archive.today/20120716030702weblink">Résumé synthétique de l'ouvrage « Pour la réforme de la fiscalité », societal, 2009. (1990);
- L'Europe face à son avenir. Que faire? (1991);
- Erreurs et impasses de la construction européenne (1992);
- Combats pour l'Europe. 1992â1994 (1994);
- La Crise mondiale aujourd'hui (Clément Juglar, 1999);
- Nouveaux combats pour l'Europe. 1995â2002 (2002);
- L'Europe en crise. Que faire? (2005);
- La Mondialisation, la destruction des emplois et de la croissance, l'évidence empirique (Ed. Clément Juglar, 2007 â {{ISBN|978-2-908735-12-3}});
- weblink" title="web.archive.org/web/20120118023037weblink">Lettre aux Français â Contre les Tabous Indiscutés (2009).
Notes
{{reflist|2}}References
- R. S. Shankland, S. W. McCuskey, F. C. Leone, and G. Kuerti, "New analysis of the interferometric observations of Dayton C. Miller", Rev. Mod. Phys. 27, 167â178 (1955).
- R. S. Shankland, "Michelson's role in the development of relativity", Applied Optics 12 (10), 2280 (1973).
External links
- {{Nobelprize}}
- Eugene G. Garfield The 1988 Nobel Prize in Economics
- "Maurice Allais" â Website
- CV, 1987
- IDEAS/RePEc
- Ideological profile from Econ Journal Watch
- Maurice Allais, Ten Notes published in the Proceedings of the French Academy of Sciences (Comptes Rendus des Séances de l'Académie des Sciences), dated 4/11/57, 13/11/57, 18/11/57, 13/5/57, 4/12/57, 25/11/57, 3/11/58, 22/12/58, 9/2/59, and 19/1/59, available in French at www.allais.info/alltrans/allaisnot.htm, some also in English translation. (These were, of course, peer-reviewed physics publications.)
- Entry on History of Economic Thought website
- Maurice Allais, "Should the Laws of Gravitation be Reconsidered?", Aero/Space Engineering 9, 46â55 (1959).
- ENCYCLOPEDIA, Maurice Allais (1911â2010),weblink The Concise Encyclopedia of Economics, 2nd, Library of Economics and Liberty, Liberty Fund, 2010,
- Biography of Maurice Allais from the Institute for Operations Research and the Management Sciences
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