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Economics/Finances The Equilibrium Economics of Leon Walras
Posted on 2010-03-16
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More The Equilibrium Economics of Leon Walras By Albert Jolink The literature on Leon Walras has previously focused on the Elements of Pure Economics. While this emphasis reflects the value that Walras placed upon the topic, it has also produced an unbalanced view of his work. The Equilibrium Economics of Leon Walras traces the development of Walras's consecutive models of general equilibrium through the five editions of his Elements. The authors place the equilibrium theories into a broader perspective by arguing that these models should be considered as an instrument in Walras's design for optimal economic order. The book is divided into three distinct sections. The first section discusses Walras' theories on the use of mathematics in economics, the notion of free competition, the notion of utility, and price formation in competitive markets. The second section examines Walras' ideas on government ownership of land and outlines what he called the "Social Question" which led him to formulateregulations with respect to monopoly and the production of public goods. The third section attempts to synthesize all these elements into what the authors term a "general general equilibrium model." My Links To thank me use my links, please!
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