) is a French economist. He was the first president of the Pontifical Academy of Social Sciences

Pontifical Academy of Social Sciences

The Pontifical Academy of Social Sciences was established in January 1994 by Pope John Paul II. It is headquartered in the Casina Pio IV in the Vatican. Professor Edmond Malinvaud was its first president...

.

Trained at the Ecole Polytechnique

École Polytechnique

The École Polytechnique is a state-run institution of higher education and research in Palaiseau, Essonne, France, near Paris. Polytechnique is renowned for its four year undergraduate/graduate Master's program...

 and at the Ecole Nationale de la Statistique et de l'Administration Economique (ENSAE

École Nationale de la Statistique et de l'Administration Économique

The École nationale de la statistique et de l'administration économique or ENSAE is one of the French Grandes Ecoles of engineering and a member of ParisTech ....

) in Paris, Malinvaud was, like Gérard Debreu

Gerard Debreu

Gérard Debreu was a French economist and mathematician, who also came to have United States citizenship. Best known as a professor of economics at the University of California, Berkeley, where he began work in 1962, he won the 1983 Nobel Memorial Prize in Economics.-Biography:His father was the...

, a student of Maurice Allais

Maurice Allais

Maurice Félix Charles Allais was a French economist, and was the 1988 winner of the Nobel Memorial Prize in Economics "for his pioneering contributions to the theory of markets and efficient utilization of resources."...

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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), provided an intertemporal theory of capital for general equilibrium theory and introduced the concept of dynamic efficiency. He became director of the ENSAE (1962–1966), director of the forecast department of French Treasury (1972–1974), director of the INSEE

INSEE

INSEE is the French National Institute for Statistics and Economic Studies. It collects and publishes information on the French economy and society, carrying out the periodic national census. Located in Paris, it is the French branch of Eurostat, European Statistical System...

 (1974–1987) and Professor at the Collège de France

Collège de France

The Collège de France is a higher education and research establishment located in Paris, France, in the 5th arrondissement, or Latin Quarter, across the street from the historical campus of La Sorbonne at the intersection of Rue Saint-Jacques and Rue des Écoles...

(1988–1993).

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 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 dynamic "disequilibrium" macroeconomics; this theory built on previous results of Clower, Leijonhufvud, and "Non-Walrasian" theory. Malinvaud's influence on the subsequent generation of European 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 à la comptabilité nationale", 1957
• "Statistical Methods in Econometrics", 1964
• "Croissances optimales dans un modèle macroéconomique", 1965, PASSV.
• "Les Croissances optimales", 1965, Cahiers du séminaire d'économétrie.
• "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 séminaire de la Société d'économetrie
• "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. Carré 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'étude de certains fondements microéconomiques de la macroéconomie", with Y.Younes, 1977, Cahiers du séminaire d'économétrie.
• "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
• "Équilibre général dans les économies de marché", 1993.

Resources on E. Malinvaud

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

External links

• Malinvaud's page at the Pontifical Academy of Social Sciences