Léon Walras: Elements of Theoretical Economics: Or, the Theory of Social Wealth

In his fourth edition of Elements of Theoretical Economics (1900), Le n 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 Leon Walras's work, Donald Walker and Jan van Daal, revisits the third edition of this seminal work, including Walras's brilliant explanation of his comprehensive model, with all its richness derived from reality. Growing research into Walras's research 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.

Author: Léon Walras
Publisher: Cambridge University Press
Published: 05/16/2019
Pages: 589
Binding Type: Paperback
Weight: 1.72lbs
Size: 9.00h x 6.00w x 1.19d
ISBN: 9781107651456

About the Author
Walker, Donald a.: - Donald A. Walker received a Ph.D. in Economics from Harvard University, Massachusetts. He specializes in microeconomic theory and the history of neoclassical economic thought. Dr Walker was the president of the History of Economics Society (1987-8), named Distinguished Fellow of that Society (2006), editor of the Journal of the History of Economic Thought (1990-8), and founder and first president of the International Walras Association (1997-2000). Among numerous other publications, he is the author of two books and many articles on the writings of Léon Walras, including Walrasian Economics (Cambridge, 2006).Van Daal, Jan: - Jan van Daal received a Ph.D. from Erasmus Universiteit Rotterdam. He has researched and taught in the areas of mathematical economics and published on demand systems, aggregation problems, and the theory and history of general economic equilibrium. Dr van Daal specializes in research on the life and works of Léon Walras and has published, among other writings, The Equilibrium Economics of Léon Walras (with Albert Jolink, 1993), the translation of Walras' Études d'économie appliquée (2005), and the translation of Walras' Études d'économie sociale (with Donald A. Walker, 2010).

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