Maurice Allais

(Maurice Félix Charles Allais)

Maurice Allais
Maurice Allais
  • Born: May 31, 1911
  • Died: October 9, 2010
  • Nationality: French
  • Profession: Economist









Maurice Félix Charles Allais was a French physicist and economist, the 1988 winner of the Nobel Memorial Prize in Economic Sciences "for his pioneering contributions to the theory of markets and efficient utilization of resources", for Maurice Allais contribution, along with John Hicks (Value and Capital, 1939) and Paul Samuelson (The Foundations of Economic Analysis, 1947), to neoclassical synthesis. They formalize the self-regulation of markets, that Keynes refuted, while reiterating some of his ideas.

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It is a dangerous thing for the educated classes of important countries not to speak foreign languages. We are heading into an era of greater mutual incomprehension among peoples, when demographic trends are destabilizing many countries, when Latin America is economically unstable, when communist societies are unstable, when we may be on the edge of chaos. English, Languages & Bilingualism
All science is based on models, and every scientific model comprises three distinct stages: statement of well-defined hypotheses; deduction of all the consequences of these hypotheses, and nothing but these consequences; confrontation of these consequences with observed data. Science, Mathematics, Engineering & Technology
At the beginning of my career, my desire to understand was associated with a profound desire to act, with the wish to influence opinion and policy; but, over the years, this motivation has come to be of secondary importance, far behind my desire to understand.
Fascinated by history during my secondary education, then by physics and mechanics at the Ecole Polytechnique, I finally entered the national administration of mines in 1936. Education, Learning, Knowledge & Training ;History
I am not a monetarist, and I am not a Keynesian. On certain points I agree with each.
I received my high school baccalaureate diploma in Latin and Science in 1928, then my two baccalaureate diplomas in Mathematics and Philosophy in 1929. Science, Mathematics, Engineering & Technology
I was born May 31, 1911, in Paris. My parents owned a small cheese shop, and my maternal grandfather was a carpentry worker. I thus came from what is commonly known as the working class.
In August 1914, my father was called to war and then taken prisoner. He died in captivity in Germany on March 27, 1915. My youth - indeed, my entire life - was deeply marked by this, directly and indirectly. Life ;War & Peace
In principle, junk bonds are basically useful, but they are used excessively and irrationally, notably in takeovers.
It is understandable that the Fed injects cash to avoid the collapse of the stock market, but basically it is bad policy for monetary authorities to intervene to save speculators from bankruptcy. This is not their role.
It would be just as pointless to oppose the international use of English today as it would have been to oppose the worldwide use of French in the 18th century.
My approach has never been to start from theories to arrive at facts, but on the contrary, to try to bring out from the facts the explanatory thread without which they appear incomprehensible and elude effective action.
My motivation was an idea of being able to improve the conditions of life, to try to find a remedy to many of the problems facing the world. That's what led me into economics. I saw it as a way of helping people. Life
The reality is that the institutional framework in which Wall Street operates is fundamentally inappropriate, and it inevitably generates violent fluctuations of the market.
Throughout the years following World War II and until the formation of the European Economic Community in 1958, I was very active as a national or international rapporteur at many of the international conferences aiming to establish an European community. War & Peace
Wall Street has become a veritable casino.
We must take the world as it is and not as we would like it to be.

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