: "That's a philosopher's question. General Equilibrium theory was not something that existed back then. My reading of Cass (1965) is that he refused to go into prescriptive analysis (he leaves ethical considerations to the last sentence of the paper)- he shows up in tomorrow's post, we can debate then"

@undercoverhist.bsky.social

That's a philosopher's question. General Equilibrium theory was not something that existed back then. My reading of Cass (1965) is that he refused to go into prescriptive analysis (he leaves ethical considerations to the last sentence of the paper)- he shows up in tomorrow's post, we can debate then

Jun 24, 2024 at 13:43 UTC

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@undercoverhist.bsky.social
[ View ] Jun 24, 2024 at 13:45 UTC

and I'm not sure what you mean by "prescriptive" here. The Ramsey formula is an "optimal condition", therefore a normative concept in the 1960s (and we argue, then it kinda becomes definitional in the IPCC chapter). Is it what you mean by prescriptive? or is it because of the welfare foundations...

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