## Léon Walras: Elements of Theoretical Economics: Or, The Theory of Social WealthIn 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 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. |

### What people are saying - Write a review

We haven't found any reviews in the usual places.

### Contents

ix | |

Preface to the second edition III | liv |

Adam Smiths and J B Says definitions | 3 |

Distinction between science the arts and ethics | 11 |

Social wealth Triple consequences of scarcity | 20 |

The fact of industry and applied economics | 29 |

The market and competition The problem of | 41 |

Curves of effective demand and effective supply | 52 |

The principle of free competition Law of | 247 |

Gross and net income The rate of net income | 259 |

Equations of capital formation and credit | 273 |

Solution of the equations of capital formation | 281 |

Theorem of the maximum utility of new capital | 297 |

Laws of the determination and variation of | 310 |

Increase of the quantity of products Laws of | 319 |

Critique of the doctrine of the Physiocrats | 331 |

Discussion of the solution of the problem | 68 |

Utility or want curves The theorem | 77 |

Discussion of demand curves General formula | 97 |

Rareté or the cause of value in exchange | 110 |

The problem of the exchange of several | 118 |

General formula of the mathematical solution | 132 |

Law of the variation of the prices of | 145 |

Theorem of equivalent redistributions Choice | 156 |

Purchase curves and sales curves Price curves | 169 |

Exposition and refutation of Adam Smiths | 179 |

Capital and income The three services | 191 |

Elements and mechanism of production | 201 |

The entrepreneur Business accounting | 211 |

Equations of production | 222 |

Solution of the equations of production Law of | 231 |

Exposition and refutation of the English theory | 337 |

Exposition and refutation of the English theory of rent | 345 |

Exposition and refutation of the English theories | 362 |

The problem of the value of money | 377 |

Mathematical theory of bimetallism | 390 |

Relative stability of the value of the bimetallic | 405 |

Fiduciary money and offsetting claims Foreign | 420 |

Price fixing and monopoly | 437 |

Taxation | 455 |

Appendixes | 469 |

Observations on the principle ofMessrs Auspitzs | 495 |

Note on Mr Wicksteeds refutation ofthe English | 501 |

511 | |

### Other editions - View all

### Common terms and phrases

abscissa amount assume average cost axis billion bimetallism capital good services capital goods properly capitalists cash circulating capital commodity condition consequently consumed d’économie politique debit demand curve determined edition effective demand effective supply Éléments entrepreneurs equal equations of exchange equilibrium prices fact free competition function hectoliter Hence holder income over consumption increases or decreases industrial J.S. Mill Jaffé kk kk labor land services landowners last want satisfied Léon Walras mathematical maximum satisfaction movable capital net income numeraire obtain of(A of(B ofthe personal faculties Physiocrats prices of products productive services profit properly speaking quantity possessed raretés ratio raw materials rent represented result social wealth supply and demand tatonnement theoretical things tion total quantity traders translation value in exchange wages Walras Walras’s want curves wheat zero π π