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

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Cambridge University Press, Oct 23, 2014 - Business & Economics
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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 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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Contents

Translators introduction page
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
Index
511
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About the author (2014)

Donald A. Walker received a Ph.D. in Economics from Harvard University. He specializes in microeconomic theory and the history of neoclassical economic thought. Dr Walker was the president of the History of Economics Society (1987), named Distinguished Fellow of that Society (2006), editor of the Journal of the History of Economic Thought (1990), and founder and first president of the International Walras Association (1997000). Among numerous other publications, he is the author of two books and many articles on the writings of Lon Walras, including Walrasian Economics (Cambridge University Press, 2006).

Jan van Daal received a Ph.D. from Erasmus University in 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 Lon Walras and has published, among other writings, The Equilibrium Economics of Lon Walras (with Albert Jolink, 1993), the translation of Walras' tudes d'conomie applique (2005), and the translation of Walras' tudes d'conomie sociale (with Donald Walker, 2010).

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