Search results
1 – 10 of 41This chapter provides an alternative interpretation of the emergence of the “Ramsey-Cass-Koopmans” growth model, a framework which, alongside the overlapping generation model, is…
Abstract
This chapter provides an alternative interpretation of the emergence of the “Ramsey-Cass-Koopmans” growth model, a framework which, alongside the overlapping generation model, is the dominant approach in today’s macroeconomics. By focusing on the role Paul Samuelson played through the works he developed in the turnpike literature, the author’s goal is to provide a more accurate history of growth theory of the 1940–1960s, one which started before Solow (1956) but never had him as a central reference. Inspired by John von Neumann’s famous 1945 article, Samuelson wrote his first turnpike paper by trying to conjecture an alternative optimal growth path (Samuelson, 1949 [1966]). In the 1960s, after reformulating the intertemporal utility model presented in Ramsey (1928), Samuelson began to propound it as a representative agent model. Through Samuelson’s interactions with colleagues and PhD students at the Massachusetts Institute of Technology (MIT), and given his standing in the profession, he encouraged a broader use of that device in macroeconomics, particularly, in growth theory. With the publication of Samuelson (1965), Tjalling Koopmans and Lionel McKenzie rewrote their own articles in order to account for the new approach. This work complements a recently written account on growth theory by Assaf and Duarte (2018).
Details
Keywords
Riccardo Bellofiore and Scott Carter
Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers to some…
Abstract
Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers to some of these developments. First and perhaps foremost is the fact that as of September 2016 Sraffa’s archival material has been uploaded onto the website of the Wren Library, Trinity College, Cambridge University, as digital colour images; this chapter introduces readers to the history of these events. This history provides sharp relief on the extant debates over the role of the archival material in leading to the final publication of Production of Commodities by Means of Commodities, and readers are provided a brief sketch of these matters. The varied nature of Sraffa scholarship is demonstrated by the different aspects of Sraffa’s intellectual legacy which are developed and discussed in the various entries of our Symposium. The conclusion is reached that we are on the cusp of an exciting phase change of tremendous potential in Sraffa scholarship.
Details
Keywords
The essay builds a timeline of the friendship and intellectual intercourse between Sraffa and Wittgenstein with data from both their Cambridge Pocket Diaries (CPDs) and their…
Abstract
The essay builds a timeline of the friendship and intellectual intercourse between Sraffa and Wittgenstein with data from both their Cambridge Pocket Diaries (CPDs) and their correspondence and biography. The timeline distinguishes five phases: their first meetings until June 1930, the time in which their weekly conversations run uninterrupted (October 1930–June 1933); the period in which the enchantment of their previous meetings was broken (October 1933–July 1936); the following decade in which their meetings were in some years intense, in others nearly inexistent, until Sraffa decided to put an end to their conversations; and finally the years preceding Wittgenstein’s death. The meetings between Sraffa and Wittgenstein from their CPDs are listed in the Appendix.
Details