Maurice Allais, itinéraire d’un économiste français

Maurice Allais’ work is undoubtedly the most important one among those of the 20th century French economists. It includes both theoretical and applied economic works and economic policy books. In the 1940’s, Maurice Allais rigorously settled the foundations of neoclassical microeconomic theory. He was awarded the Nobel Prize in Economic Sciences forty years later, in 1998, for “his pioneering development of theories to better understand market behaviour and the efficient use of resources”. After the Second World War, Maurice Allais was the leader of the “French engineers-economists”. In 1952, he questioned the theory of decision in uncertainty, hence becoming a precursor of behavioural finance. He then wandered into the mysteries of “Hereditary, Relativistic and Logistic Theory of the Demand for Money”, isolating himself from the scientific community. In the 1970’s, he called into question the General Equilibrium Theory to propose a General Theory of Surpluses. As a heterodox liberal, he recommended a monetary reform (the “100% Money”), allocating all rents to the State (through a tax on capital) and price-indexing all claims. After its Nobel Prize, he devoted himself to fighting against neoliberal and financial globalisation and free trade with low-wage countries.