Économie & intérét; Présentation nouvelle des problèmes fondamentaux relatives au rôle économique du taux de l'intérêt et de leurs solutions.
ALLAIS Maurice (1947.)
£2500.00 [First Edition]
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“HAD ALLAIS’ EARLIEST WRITINGS BEEN IN ENGLISH, A GENERATION OF ECONOMIC THEORY WOULD HAVE TAKEN A DIFFERENT COURSE.”
First edition. Two volumes. 8vo (236 x 155mm). 422, ; -800,  pp. Original printed wrappers. An exceptionally fine set, with the publisher's prospectus loosely inserted. Housed in a custom made black paper covered solander box, with the spine lettered in red and grey. Paris, Imprimerie Nationale.
Allais' second major work, a sprawling treatise on capital and growth theory that ranks amongst the first expressions of the so-called 'golden rule' of capital accumulation, anticipating Edmund Phelps' work that popularised the concept during the 1960s by at least fourteen years. In Économie & intérét, Allais proved that, in a stationary state, a zero rate of interest maximises real income, therefore following that the optimum rate of interest should equal the growth rate of the economy. In 1988 Allais became the first French economist to win the Nobel Prize, with Paul Samuelson subsequently proclaiming that "Had Allais' earliest writings been in English, a generation of economic theory would have taken a different course".
Stock Code: 230937