Frank Ramsey’s place in the history of mathematical economics: not what you think

Abstract

Abstract Frank Ramsey is a towering figure in economics. His two papers published in the 1920s are responsible for his reputation as a pioneer in mathematical economics. Economists and historians of economics disagree on how to read Ramsey. One point of contention is whether he introduced the use of a representative agent or instead employed a social welfare function. We intend to clarify this question by further complicating it. It is clear from archival materials, including a previously undiscovered paper (‘Mathematical Economics’), that he was not a trailblazer in mathematical analyses of economic questions. Ramsey was a socialist who was inclined to theories of value and psychology that went beyond utility. He struggled with the tension between what is good for the individual and what is good for society. He was sure that utilitarian psychology was not an accurate basis for economics and he was sceptical of its idealizations.