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Edmond Malinvaud

Edmond Malinvaud
Edmond Malinvaud (right), next to Yves Balasko (center) and Gérard Debreu, in 1977.
Personal information
NameEdmond Malinvaud
InstitutionCollège de France
Alma materEcole Polytechnique
InfluencesLéon Walras
Maurice Allais
InfluencedYves Balasko
Jacques Drèze

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Edmond Malinvaud (born on 25 April 1923 in Limoges) is a French economist. 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, Malinvaud was, like Gérard Debreu, a student of Maurice Allais.

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

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