A Journey into Harold Hotelling’s Economics
Copyright policy )A Journey into Harold Hotelling’s Economics
Harold Hotelling (1895–1973) was a major contributor to twentieth-century American economics. The overall thrust of his research, and his view of the role of mathematics in the discipline, have so far received little attention. Based on an unprecedented examination of his work and professional archives, this article provides a thorough analysis of Hotelling’s background and contribution to economics. A self-taught economist in the 1920s, Hotelling built a research program that, despite apparently being highly technical, was primarily conceived as applied science to solve concrete social and economic issues, from spatial competition to natural resource exhaustion and public utility regulation. Although Hotelling’s research was not exempt from criticism, it remains profoundly inspiring for the twenty-first century, from both a theoretical and epistemological point of view. When we remember that he trained the greatest, from Kenneth J. Arrow to William Vickrey, his career and ideas are all the more worthy of consideration. (JEL B21, B23, B31)
330, JEL:, Hotelling, JEL: D - Microeconomics/D.D6 - Welfare Economics, and Heterodox Approaches/B.B3 - History of Economic Thought: Individuals, mathematical economics, [SHS]Humanities and Social Sciences, spatial competition, and Market Performance, welfare economics, natural resources, JEL: L - Industrial Organization/L.L1 - Market Structure, JEL: Q - Agricultural and Natural Resource Economics • Environmental and Ecological Economics/Q.Q3 - Nonrenewable Resources and Conservation, [SHS.HISPHILSO]Humanities and Social Sciences/History, [QFIN]Quantitative Finance [q-fin], Philosophy and Sociology of Sciences, History of economic thought, natural resource economics, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B23 - Econometrics • Quantitative and Mathematical Studies, Methodology, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B21 - Microeconomics, history of economic thought, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, [QFIN] Quantitative Finance [q-fin], Firm Strategy, JEL: B - History of Economic Thought, welfare, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925, and Heterodox Approaches/B.B3 - History of Economic Thought: Individuals/B.B3.B31 - Individuals, [SHS] Humanities and Social Sciences, JEL: C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling
330, JEL:, Hotelling, JEL: D - Microeconomics/D.D6 - Welfare Economics, and Heterodox Approaches/B.B3 - History of Economic Thought: Individuals, mathematical economics, [SHS]Humanities and Social Sciences, spatial competition, and Market Performance, welfare economics, natural resources, JEL: L - Industrial Organization/L.L1 - Market Structure, JEL: Q - Agricultural and Natural Resource Economics • Environmental and Ecological Economics/Q.Q3 - Nonrenewable Resources and Conservation, [SHS.HISPHILSO]Humanities and Social Sciences/History, [QFIN]Quantitative Finance [q-fin], Philosophy and Sociology of Sciences, History of economic thought, natural resource economics, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B23 - Econometrics • Quantitative and Mathematical Studies, Methodology, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B21 - Microeconomics, history of economic thought, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, [QFIN] Quantitative Finance [q-fin], Firm Strategy, JEL: B - History of Economic Thought, welfare, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925, and Heterodox Approaches/B.B3 - History of Economic Thought: Individuals/B.B3.B31 - Individuals, [SHS] Humanities and Social Sciences, JEL: C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling
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