Walras's Market Models

By: Donald A. Walker

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Paperback | 17 November 2005

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480 Pages

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Walras's Market Models describes and evaluates Leon Walras's models of competitive markets. Through identification of his career phases and the associated general equilibrium models, which are shown to be very different in character, this book differs from previous examinations of his work. During his mature phase of theoretical activity, Walras was concerned with a competitive economy which passes through a phase of disequilibrium in the production and sales of commodities. While in his last phase of theoretical activity, he developed a model in which there is no production, sales, hiring, consuming or saving until an assumed set of equilibrium prices obtains of the model. The two phases of Walras's theoretical work have not previously been identified, and the models have not been subjected to an accurate analysis and evaluation.

Industry Reviews

'If prizes are given in the history of economic thought ... one ought to go to Donald Walker ... Walker's arguments are very convincing ... Those who are interested in knowing about the detailed analysis of Walras' own models should read and appreciate Walker's contribution.' The Economic Journal

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Preface
Acknowledgements
Introduction
The Models of the Mature Phase
Background and Preliminaries
Walras's conception of a competitive market economy
The mature models are not a normative scheme
The mature models of the barter of stocks and commodities
Institutions and participants in the model of monetary oral pledges markets
Disequilibrium and equilibrium in the model of monetary oral pledges markets
The structure of the mature nondurable consumer commodities model
The equilibrating processes in the mature nondurable consumer commodities model
The Mature Comprehensive Model
The structure of the mature comprehensive model
The equilibrating processes in the mature comprehensive model
Walras and his critics on the maximum utility of new capital goods
The mature models of the money market
Iteration in the mature model of tatonnement
The mature model of the behavior of the entrepreneur
Walras versus Edgeworth on tatonnement processes
The Models of the Phase of Decline
The Written Pledges Models
The structure of the barter model of written pledges markets
Disequilibrium features of the barter model of written pledges markets
The written pledges markets in the last comprehensive model
Other Models
The markets for circulating capital and money in the last comprehensive model
Conclusion
References
Collation of editions of the ElTments
Index
Table of Contents provided by Publisher. All Rights Reserved.

Walras's Market Models

At a Glance

Paperback

Industry Reviews

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How to return your order

Defective items

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