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The Equilibrium Economics of Leon Walras - Albert Jolink

The Equilibrium Economics of Leon Walras

Hardcover

Published: 2nd September 1993
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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 formulate regulations 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."

Prefacep. ix
Acknowledgementsp. xii
Conventionsp. xiii
Prologuep. 1
On the Use of Mathematics in Economic Analysisp. 3
Free Competition and General Equilibriump. 8
On the Notion of Utility as Developed by Walrasp. 13
Walras's Graphic Analysis of the Exchange of Two Goodsp. 20
Walras's Equilibrium Modelsp. 27
Walras's Exchange Modelp. 29
The Notion of Capitalp. 41
The Entrepreneurp. 44
Productionp. 49
Walras's Production Modelp. 55
The Rate of Net Income and the Futurep. 61
Walras's Model of Capital Formationp. 67
On the Futility of Lessons 26 and 27 of the ÉLéMentsp. 77
Circulating Capitalp. 83
A Prelude to the Money Modelsp. 89
Walras's Equilibrium Model with Fiat-Moneyp. 94
Walras's Equilibrium Model with Commodity-Moneyp. 102
Extensionp. 107
Reality and Realistic Utopiasp. 109
Free Competition Revisitedp. 113
Walras's 'General General Equilibrium Model'p. 120
Appendicesp. 127
Ip. 129
IIp. 135
IIIp. 148
IVp. 151
Vp. 159
Notesp. 167
Referencesp. 183
Index of Namesp. 188
Subject Indexp. 190
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780415001571
ISBN-10: 0415001579
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 208
Published: 2nd September 1993
Publisher: Taylor & Francis Ltd
Country of Publication: GB
Dimensions (cm): 23.4 x 15.6  x 2.49
Weight (kg): 0.52
Edition Number: 1