Reservoirs of Water, Wheat and Gold

Abstract

MATHEMATICAL economics has been too little enriched by bold analogies linking science to science. The work of M. Pierre Massé is therefore especially welcome, and deserves early translation; for, starting from his experience in hydro-electric development, he has built up a general theory of reserves. Within this theory the problems of commodity stocks and of money savings appear as special applications; and the whole is illuminated by his cross-references to the theory of reservoirs of water. M. Massé's theory does not dissolve into airy abstractions, like the work of many who try to apply general mathematical methods to the innumerable complexities of the real economic world. It has both feet firmly on the ground; its conclusions conform to common sense, The final chapter of the second volume links the argument to the ‘General Theory’ of Keynes; and this link to the most practical of general economic theorists is by no means incongruous. M. Massé is in the Keynesian tradition.

Les réserves et la régulation de I'avenir dans la vie économique. (1) Avenir déterminé

By Pierre Massé. (Actualités scientifiques et industrielles, No. 1007.) Pp. 149. (Paris: Hermann et Cie., 1946.) 250 francs.

(2) Avenir aléatoire

By Pierre Massé. (Actualités scientifiques et industrielles, No. 1008.) Pp. 230. (Paris: Hermann et Cie., 1946.) 375 francs.