Edmond Malinvaud

Edmond Malinvaud was born on 25 April 1923 in Limoges. He was the first president of the Pontifical Academy of Social Sciences.

Trained at the Ecole Polytechnique and at the Ecole Nationale de la Statistique et de l'Administration Economique (ENSAE) in Paris, the eclectic Malinvaud was, together with Debreu, a student of France's greatest Walrasian economist, Maurice Allais. He became director of the ENSAE (1962-1966), director of the forecast department of French Treasury (1972-1974), director of the INSEE (1974-1987) and Professor at the College de France (1988-1993). In 1950, Malinvaud left Allais to join the Cowles Commission in the United States.

At Cowles, Malinvaud produced work in many directions. His famous article, "Capital Accumulation and the Efficient Allocation of Resources" (1953), incorporated an intertemporal theory of capital into a very natural place in Walrasian general equilibrium theory and helped resolve the old capital theory conflict between Frank Knight and Friedrich Hayek (and, in part, kept G.E. immune from the later Cambridge capital controversy), as well as introducing the concept of dynamic efficiency.

He also worked on uncertainty theory, notably the theory of "first order certainty equivalence" (1969) and the relationship between individual risks and social risks (1972, 1973). His 1971 microeconomics textbook and his Cowles-inspired econometrics textbook, Statistical Methods in Econometrics, have since become classics.

Malinvaud's main contribution to macroeconomics is represented in his slim 1977 book, "Theory of Unemployment Reconsidered" which provided a clear and unified reconstruction of the dynamic "disequilibrium" macro theory of Clower, Leijonhufvud and the European "Non-Walrasian" theory. Malinvaud's influence on the subsequent generation of French economists has been profound.

Major works of Edmond Malinvaud

* "Note on von Neumann-Morgenstern's Strong Independence Axiom", 1952, Econometrica.
* "Capital Accumulation and the Efficient Allocation of Resources", 1953, Econometrica
* "Aggregation Problems in Input-Output Models", 1954, in Barna, editor, Structural Interdependence of the Economy
* "Initiation a la comptabilite nationale", 1957
* "Statistical Methods in Econometrics", 1964
* "Croissances Optimales dans un Modele Macroéconomique", 1965, PASSV.
* "Les Croissances Optimales", 1965, Cahiers du Seminaire d'Econometrie.
* "Decentralized Procedures for Planning", 1967, in Malinvaud and Bacharach, editors, Activity Analysis of Growth and Planning
* "Décisions en face de l'aléatoire et situation certaine approximativement équivalente", 1969, Cahiers du Seminaire de la Société d'Econometrie
* "First Order Certainty Equivalence", 1969, Econometrica
* "Procédures pour la Détermination d'un Programme de Consommation Collective", 1971, European ER.
* "A Planning Approach to the Public Goods Problem", 1971, Swedish JE.
* "Lectures on Microeconomic Theory", 1972.
* "The Allocation of Individual Risks in Large Markets", 1972, JET
* "Prices for Individual Consumption, Quantity Indicators for Collective Consumption", 1972, RES
* "La croissance française", with J.J. carre and P. Dubois, 1972.
* "Market for an Exchange Economy with Individual Risks", 1973, Econometrica
* "The Allocation of Individual Risks in Large Markets", 1974, in Dreze, editor, Allocation Under Uncertainty.
* "Theory of Unemployment Reconsidered", 1977.
* "Une Nouvelle Formulation Générale Pour l'Etude de Certains Fondements Microéconomiques de la Macroéconomie", with Y.Younes, 1977, Cahiers du Séminaire d'Econométrie.
* "Some New Concepts for the Microeconomic Foundations of Macroeconomics" with Y.Younes, 1977, in Harcourt, editor, Microeconomic Foundations of Macroeconomics.
* "Macroeconomic Rationing of Employment", 1980, in Malinvaud and Fitoussi, editors, Unemployment in Western Countries.
* "Profitability and Unemployment", 1980.
* "Théorie Macroéconomique", 2 volumes, 1981-2.
* "Essais sur la théorie du chômage", 1983
* "Mass Unemployment", 1984
* "Reflecting on the Theory of Capital and Growth", 1986, Oxford EP
* "The Challenge of Macroeconomic Understanding", 1987, BNLQR.
* "Voies de la recherche macroéconomique", 1991
* "Equilibre général dans les économies de marché", 1993.

Ressources on E. Malinvaud

* HET Pages: Individual and Social Risks, Neo-Walrasian Capital Theory, Disequilibrium Macroeconomics