Léon Walras: Elements of Theoretical Economics

Or, The Theory of Social Wealth

Business & Finance, Economics, Economic History
Cover of the book Léon Walras: Elements of Theoretical Economics by Jan van Daal, Donald A. Walker, Léon Walras, Cambridge University Press
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Author: Jan van Daal, Donald A. Walker, Léon Walras ISBN: 9781316054628
Publisher: Cambridge University Press Publication: October 23, 2014
Imprint: Cambridge University Press Language: English
Author: Jan van Daal, Donald A. Walker, Léon Walras
ISBN: 9781316054628
Publisher: Cambridge University Press
Publication: October 23, 2014
Imprint: Cambridge University Press
Language: English

In his fourth edition of Éléménts d'économie politique pure (1900), León Walras introduced the device of written pledges to eliminate path dependency: sellers of products and services write out commitments to supply certain quantities at suggested prices with no commodities actually produced and supplied until a set of prices is found at which supply and demand are equal simultaneously in every market. This brought about very serious alterations to the character of the book. Unfortunately, these changes resulted in an incomplete, internally contradictory, and occasionally incoherent text. This translation, therefore, by two leading scholars of León Walras' work, Donald A. Walker and Jan van Daal, revisits the third edition of this seminal work, including Walras' brilliant explanation of his comprehensive model, with all its richness derived from reality. Growing research into Walras' work indicates that it was this third edition that contained his best theoretical research and a translation of this edition of the book is now a necessity.

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In his fourth edition of Éléménts d'économie politique pure (1900), León Walras introduced the device of written pledges to eliminate path dependency: sellers of products and services write out commitments to supply certain quantities at suggested prices with no commodities actually produced and supplied until a set of prices is found at which supply and demand are equal simultaneously in every market. This brought about very serious alterations to the character of the book. Unfortunately, these changes resulted in an incomplete, internally contradictory, and occasionally incoherent text. This translation, therefore, by two leading scholars of León Walras' work, Donald A. Walker and Jan van Daal, revisits the third edition of this seminal work, including Walras' brilliant explanation of his comprehensive model, with all its richness derived from reality. Growing research into Walras' work indicates that it was this third edition that contained his best theoretical research and a translation of this edition of the book is now a necessity.

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