Michael Allingham
Michael Allingham is a British economist whose main work has been on equilibrium theory, choice theory, and distributive justice.
Life
[edit]Michael Allingham was educated at Lancing College and then at the University of Edinburgh, where he 'read natural philosophy and then political economy'.[1] From 1967 until 1977 he taught at various universities in the U.K. and the U.S.; from 1977 to 1993 he held the chair in economic theory at the University of Kent; and from 1993 to 2009 he was Frank Richardson Fellow at Magdalen College, Oxford, where he is now an Emeritus Fellow.
He has ridden under Jockey Club rules,[2] and was joint-owner of the winner of the 2002 Dewhurst Stakes, 'the single most significant two-year-old race in Europe'.[3] He has been a Local Steward, and Racecourse Chairman, with the Jockey Club.
Work
[edit]Before moving to Oxford Allingham's main work was on general equilibrium theory; while he was teaching at Magdalen it was on rational choice theory; and subsequently it has been on distributive justice.
General equilibrium theory is 'the most prestigious economics of all'.[4] In substance, it concerns the workings of the entire economy; in style, it is axiomatic and rigorous. Léon Walras, the founder of general equilibrium theory, claimed in 1854 that 'pure economics is, in essence, the theory of the determination of prices under a hypothetical regime of perfectly free competition'.[5] Allingham's work is rooted in the Walrasian tradition: in his entry in Who's Who in Economics he refers to Walras's definition, and says that his own work may be seen as an extension of this.[6]
Rational choice theory transcends the boundaries of economics, and exemplifies Allingham's interests as being 'in the core theoretical problems which lie at the intersection of philosophy and economics'.[7] It explores what is meant by rationality, and how this may be characterized. His work in this area is also axiomatic: as a review in The Economic Journal of his book Rational Choice notes, 'its treatment is abstract and axiomatic ... few concessions are being made to the uninitiated'.[8]
Distributive justice again transcends the boundaries of economics. It considers what is meant by a just distribution of goods among members of society. Allingham develops the view that all theories of justice, or at least all liberal theories, may be seen as expressions of laissez-faire with compensations for factors that they consider to be morally arbitrary. His latest book has been described by a reviewer as 'a probing analytical comparison, by an economic theorist, of the major accounts dominating that literature ... meticulously isolating their respective strengths and weaknesses: a tour de force'.[9]
Allingham is also the author of the novel Trust,[10] 'an entertainment in the sense used by Graham Greene: a story that shows a profound interest in the interplay of morality and abnormal behavior'.[11]
Publications
[edit]- Academic books
- Distributive Justice, Routledge, 2014[12]
- Rational Choice Theory (editor, five volumes), Routledge, 2006[13]
- Choice Theory: A Very Short Introduction, Oxford University Press, 2002 (translated into Arabic, Chinese, Italian, Russian, and Spanish; also available as an Audiobook)[14]
- Rational Choice, Palgrave Macmillan, 1999[15]
- Arbitrage, Palgrave Macmillan, 1991 (translated into Italian)[16]
- Theory of Markets, Palgrave Macmillan, 1989[17]
- Unconscious Contracts, Routledge, 1987 (republished as Volume 1 in Routledge Library Editions: Psychoanalysis)[18]
- Value, Palgrave Macmillan, 1983[19]
- General Equilibrium, Macmillan, 1975
- Equilibrium and Disequilibrium, Ballinger, 1973
- Essential articles
- Existence theorems in the capital asset pricing model, Econometrica, 59
- Stability of monopoly, Econometrica, 44
- Equilibrium and stability, Econometrica, 42 (reprinted in Critical Ideas in Economics: Equilibrium, ed. Walker)[20]
- Tâtonnement stability, Econometrica, 40
- Second best and decentralization (with Archibald), Journal of Economic Theory, 10
- The measurement of inequality, Journal of Economic Theory, 5
References
[edit]- ^ Rational Choice (jacket)
- ^ Choice Theory, (jacket)
- ^ The Daily Telegraph
- ^ March and Blaug, Appraising Economic Theories, Elgar, 1991 (508-509)
- ^ Walras, Elements of Pure Economics (trans Jaffe), Irwin, 1954 (40)
- ^ Blaug and Sturges, Who's Who in Economics, Wheatsheaf, 1983
- ^ Rational Choice (jacket)
- ^ Bonner, 'Review of Rational Choice', The Economic Journal, 2001 (F540)
- ^ Distributive Justice (jacket)
- ^ "Amazon.co.uk : Allingham trust". Amazon UK.
- ^ Trust (jacket)
- ^ "Distributive Justice".
- ^ "Rational Choice Theory (5 volume set)".
- ^ Choice Theory: A Very Short Introduction. Very Short Introductions. Oxford University Press. 28 November 2002. ISBN 978-0-19-280303-0.
- ^ "Rational Choice | SpringerLink".
- ^ "Arbitrage | SpringerLink".
- ^ "Theory of Markets | SpringerLink".
- ^ "Unconscious Contracts: A Psychoanalytical Theory of Society".
- ^ "Value | SpringerLink".
- ^ "Equilibrium".