An Inquiry into the Ramsey-Hotelling Connection

Marion Gaspard and Antoine Missemer

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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.

Keywords: Hotelling; history of economic thought; exhaustible resources; Ramsey; saving; intertemporal distribution; dynamics; mathematical economics (search for similar items in EconPapers)
Date: 2019
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01934408v1
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Published in European Journal of the History of Economic Thought, 2019, 26 (2), pp.352-379. ⟨10.1080/09672567.2019.1576059⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01934408

DOI: 10.1080/09672567.2019.1576059

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