IDEAS home Printed from https://ideas.repec.org/p/hal/journl/halshs-01162036.html
   My bibliography  Save this paper

Individual Behaviors and Collective Welfare: Ramsey's " microfoundations " of " macro-equilibrium "

Author

Listed:
  • Marion Gaspard

    (TRIANGLE - Triangle : action, discours, pensée politique et économique - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - ENS LSH - Ecole Normale Supérieure Lettres et Sciences Humaines - CNRS - Centre National de la Recherche Scientifique)

Abstract

More than the single determination of a mathematical optimal saving's rule, the issue at stake in Ramsey'1928 EJ paper was to understand the consequences of individual savings behaviors on collective welfare. The challenge was therefore, and more profoundly, to state a theoretical representation allowing connecting a micro- and a macro level. In contrast with some retrospective interpretations, Ramsey exactly avoided any representative agent logic, in the double sense we give today to this concept in macroeconomics: a way to pass over the individual idiosyncrasy in constructing a fictional economic agent whose choices represent those of an underlying decentralized economy or a way to use an agent that reflects the aggregation of individual behaviors. Ramsey's challenge was rather to state results concerning macroeconomic equilibrium by bypassing the partial equilibrium framework he inherited from Cambridge. The challenge leads him to scrutiny anf formalize different kinds of economic agents: nation, individual, family.

Suggested Citation

  • Marion Gaspard, 2005. "Individual Behaviors and Collective Welfare: Ramsey's " microfoundations " of " macro-equilibrium "," Post-Print halshs-01162036, HAL.
    • Handle: RePEc:hal:journl:halshs-01162036
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01162036
    as

    Download full text from publisher

    File URL: https://shs.hal.science/halshs-01162036/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    2. ,, 2003. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 19(4), pages 691-705, August.
    3. 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.
    4. ,, 2003. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 19(1), pages 225-228, February.
    5. Collard, David, 1996. "Pigou and Future Generations: A Cambridge Tradition," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(5), pages 585-597, September.
    6. ,, 2003. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 19(5), pages 879-883, October.
    7. 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.
    8. ,, 2003. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 19(2), pages 411-413, April.
    9. Olivier Blanchard, 2000. "What Do We Know about Macroeconomics that Fisher and Wicksell Did Not?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(4), pages 1375-1409.
    10. Fisher, Irving, 1907. "The Rate of Interest," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number fisher1907.
    11. Mauro Boianovsky, 1998. "Wicksell, Ramsey and the theory of interest," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 5(1), pages 140-168.
    12. ,, 2003. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 19(6), pages 1195-1198, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Marion Gaspard & Antoine Missemer, 2019. "An inquiry into the Ramsey-Hotelling connection," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 26(2), pages 352-379, March.
    2. Karen Knight & Michael McLure, 2012. "The Elusive Arthur Pigou," Economics Discussion / Working Papers 12-05, The University of Western Australia, Department of Economics.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yakut, Oguz, 2021. "Implementation of hydraulically driven barrel shooting control by utilizing artificial neural networks," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 190(C), pages 1206-1223.
    2. X. Qin & G. Huang, 2009. "An Inexact Chance-constrained Quadratic Programming Model for Stream Water Quality Management," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 23(4), pages 661-695, March.
    3. Md. Yousuf Gazi & Khandakar Tahmida Tafhim, 2019. "Investigation of Heavy-mineral Deposits Using Multispectral Satellite Imagery in the Eastern Coastal Margin of Bangladesh," Earth Sciences Malaysia (ESMY), Zibeline International Publishing, vol. 3(2), pages 16-22, October.
    4. Minghe Sun, 2005. "Warm-Start Routines for Solving Augmented Weighted Tchebycheff Network Programs in Multiple-Objective Network Programming," INFORMS Journal on Computing, INFORMS, vol. 17(4), pages 422-437, November.
    5. François Clautiaux & Cláudio Alves & José Valério de Carvalho & Jürgen Rietz, 2011. "New Stabilization Procedures for the Cutting Stock Problem," INFORMS Journal on Computing, INFORMS, vol. 23(4), pages 530-545, November.
    6. Tansel, Aysit & Karao?lan, Deniz, 2016. "The Causal Effect of Education on Health Behaviors: Evidence from Turkey," IZA Discussion Papers 10020, Institute of Labor Economics (IZA).
    7. Timothy K.M. Beatty & Erling Røed Larsen & Dag Einar Sommervoll, 2005. "Measuring the Price of Housing Consumption for Owners in the CPI," Discussion Papers 427, Statistics Norway, Research Department.
    8. Melega, Gislaine Mara & de Araujo, Silvio Alexandre & Jans, Raf, 2018. "Classification and literature review of integrated lot-sizing and cutting stock problems," European Journal of Operational Research, Elsevier, vol. 271(1), pages 1-19.
    9. Roth, Alvin E. & Sonmez, Tayfun & Utku Unver, M., 2005. "Pairwise kidney exchange," Journal of Economic Theory, Elsevier, vol. 125(2), pages 151-188, December.
    10. repec:dau:papers:123456789/5389 is not listed on IDEAS
    11. Wong, Patricia J.Y., 2015. "Eigenvalues of a general class of boundary value problem with derivative-dependent nonlinearity," Applied Mathematics and Computation, Elsevier, vol. 259(C), pages 908-930.
    12. A. Bensoussan & K. Sung & S. Yam, 2013. "Linear–Quadratic Time-Inconsistent Mean Field Games," Dynamic Games and Applications, Springer, vol. 3(4), pages 537-552, December.
    13. Kojima, Fuhito, 2013. "Efficient resource allocation under multi-unit demand," Games and Economic Behavior, Elsevier, vol. 82(C), pages 1-14.
    14. Chein-Shan Liu & Zhuojia Fu & Chung-Lun Kuo, 2017. "Directional Method of Fundamental Solutions for Three-dimensional Laplace Equation," Journal of Mathematics Research, Canadian Center of Science and Education, vol. 9(6), pages 112-123, December.
    15. Alberto Cabada & Om Kalthoum Wanassi, 2020. "Existence Results for Nonlinear Fractional Problems with Non-Homogeneous Integral Boundary Conditions," Mathematics, MDPI, vol. 8(2), pages 1-13, February.
    16. Odysseas Kosmas & Pieter Boom & Andrey P. Jivkov, 2021. "On the Geometric Description of Nonlinear Elasticity via an Energy Approach Using Barycentric Coordinates," Mathematics, MDPI, vol. 9(14), pages 1-16, July.
    17. Hossein Karshenas & Concha Bielza & Pedro Larrañaga, 2015. "Interval-based ranking in noisy evolutionary multi-objective optimization," Computational Optimization and Applications, Springer, vol. 61(2), pages 517-555, June.
    18. B. S. C. Campello & C. T. L. S. Ghidini & A. O. C. Ayres & W. A. Oliveira, 2022. "A residual recombination heuristic for one-dimensional cutting stock problems," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 30(1), pages 194-220, April.
    19. Beddoe, Gareth R. & Petrovic, Sanja, 2006. "Selecting and weighting features using a genetic algorithm in a case-based reasoning approach to personnel rostering," European Journal of Operational Research, Elsevier, vol. 175(2), pages 649-671, December.
    20. Hans Wiklund, 2011. "Why High Participatory Ideals Fail In Practice: A Bottom-Up Approach To Public Nonparticipation In Eia," Journal of Environmental Assessment Policy and Management (JEAPM), World Scientific Publishing Co. Pte. Ltd., vol. 13(02), pages 159-178.
    21. Vítor João Pereira Domingues Martinho, 2020. "Exploring the Topics of Soil Pollution and Agricultural Economics: Highlighting Good Practices," Agriculture, MDPI, vol. 10(1), pages 1-19, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-01162036. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.