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The Legacy of Léon Walras
This important two-volume collection of over sixty published articles presents a major study of Léon Walras’s intellectual legacy and reveals how Walras’s ideas contributed significantly to the formation of the mainstream of modern microeconomic theory.
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Critical Acclaim
Contributors
Contents
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This important two-volume collection of over sixty published articles presents a major study of Léon Walras’s intellectual legacy and reveals how Walras’s ideas contributed significantly to the formation of the mainstream of modern microeconomic theory.
The collection comprises two groups of writings. The first, consisting of interpretations of his ideas, discuss his contributions to the theory of general equilibrium, including his special models of capital and of money, his applications of theory to the formation of economic policies, and his use of it in connection with his concepts of economic justice and an ideal economy. The second group shows current uses of Walras’s ideas, including models dealing with Walrasian equilibrium, Walras’s law, Cournot-Walras models, Walrasian ideas in the context of game-theoretic analysis, the Walras correspondence, and WALRAS, an econometric model of the general equilibrium effects of agricultural policies.
The Legacy of Léon Walras will be an invaluable source to all those interested in the development of modern microeconomic theory, including teachers of economics, researchers, historians of economic thought and students.
The collection comprises two groups of writings. The first, consisting of interpretations of his ideas, discuss his contributions to the theory of general equilibrium, including his special models of capital and of money, his applications of theory to the formation of economic policies, and his use of it in connection with his concepts of economic justice and an ideal economy. The second group shows current uses of Walras’s ideas, including models dealing with Walrasian equilibrium, Walras’s law, Cournot-Walras models, Walrasian ideas in the context of game-theoretic analysis, the Walras correspondence, and WALRAS, an econometric model of the general equilibrium effects of agricultural policies.
The Legacy of Léon Walras will be an invaluable source to all those interested in the development of modern microeconomic theory, including teachers of economics, researchers, historians of economic thought and students.
Critical Acclaim
‘I recommend Professor Walker’s collection as an important addition to any economist’s library because I agree with my teacher Schumpeter that Walras tops all economic theorists. As Lagrange said of Newton, he is the greatest scientist ever, because there is only one system of the world and it was Newton who found it. Similarly, there is only one system of General Equilibrium in Economics, and it was Walras who found it first.’
– Paul A. Samuelson, Massachusetts Institute of Technology, US
‘Professional economists, students of doctrine and graduate students will welcome this valuable collection of articles on the legacy of the founder of general equilibrium economics, Léon Walras, who, perhaps more than any other person, legitimized economics as a science. Walker’s introduction is superb!’
– Robert Mundell, Columbia University, US
‘Professor Donald Walker displays an impressive extensive knowledge of the work of Léon Walras. In this book he exemplifies the essential complement that the history of economic thought brings to the mathematical research on General Equilibrium that was done in the past half-century.’
– Gérard Debreu, University of California, Berkeley, US and European University Institute, Italy
– Paul A. Samuelson, Massachusetts Institute of Technology, US
‘Professional economists, students of doctrine and graduate students will welcome this valuable collection of articles on the legacy of the founder of general equilibrium economics, Léon Walras, who, perhaps more than any other person, legitimized economics as a science. Walker’s introduction is superb!’
– Robert Mundell, Columbia University, US
‘Professor Donald Walker displays an impressive extensive knowledge of the work of Léon Walras. In this book he exemplifies the essential complement that the history of economic thought brings to the mathematical research on General Equilibrium that was done in the past half-century.’
– Gérard Debreu, University of California, Berkeley, US and European University Institute, Italy
Contributors
65 articles, dating from 1935 to 1999
Contributors include: H. Brems, G. Codognato, J. van Daal, J. Drèze, P. Howitt, B. Ingrao, C. Ménard, M. Morishima, T. Negishi, A. van Witteloostuijn
Contributors include: H. Brems, G. Codognato, J. van Daal, J. Drèze, P. Howitt, B. Ingrao, C. Ménard, M. Morishima, T. Negishi, A. van Witteloostuijn
Contents
Contents:
Volume I
Acknowledgements
Introduction Donald A. Walker
PART I INTRODUCTORY READINGS
A Biography
1. William Jaffé (1935), ‘Unpublished Papers and Letters of Léon Walras’
B General Interpretations and Evaluations
2. Donald A. Walker (1970), ‘Léon Walras in the Light of His Correspondence and Related Papers’
3. Hans Brems (1974), ‘A Centennial: The Walras Vision’
4. Donald A. Walker (1984), ‘Is Walras’s Theory of General Equilibrium a Normative Scheme?’
5. Donald A. Walker (1987), ‘Walras, Léon (1834–1910)’
6. Albert Jolink and Jan Van Daal (1989), ‘Leon Walras’s Mathematical Economics and the Mechanical Analogies’
7. Bruna Ingrao and Giorgio Israel (1990), ‘Léon Walras’
8. Claude Ménard (1990), ‘The Lausanne Tradition: Walras and Pareto’, and ‘Commentary’
9. Roger Koppl (1992), ‘Price Theory as Physics: The Cartesian Influence in Walras’
10. Albert Jolink (1993), ‘"Procrustean Beds and All That": The Irrelevance of Walras for a Mirowski Thesis’
11. B. Bürgenmeier (1994), ‘The Misperception of Walras’
C Comparisons With Other Economists
12. Donald A. Walker (1987), ‘Edgeworth Versus Walras on the Theory of Tatonnement’
13. Sidney C. Sufrin (1987), ‘Schumpeter – Walras and Pragmatism’
14. Richard Arena (1992), ‘Schumpeter after Walras: ‘économie pure’ or ‘stylized facts’?’
15. M. Morishima (1996), ‘Morishima on Ricardo: Two Replies’
16. Philippe Fontaine (1998), ‘Menger, Jevons, and Walras Un-homogenized, De-homogenized, and Homogenized: A Comment on Peart’
PART II GENERAL EQUILIBRATION AND EQUILIBRIUM
17. Donald A. Walker (1986), ‘Walras’s Theory of the Entrepreneur’
18. Donald A. Walker (1988), ‘Iteration in Walras’s Theory of Tatonnement’
19. A. van Witteloostuijn and J.A.H. Maks (1988), ‘WALRAS: A Hicksian avant la lettre’
20. Takashi Negishi (1989), ‘Walras and the General Equilibrium Theory’
21. Jan van Daal (1989), ‘On Production in Walras’ Theory of General Economic Equilibrium’
22. Donald A. Walker (1990), ‘Institutions and Participants in Walras’s Model of Oral Pledges Markets’
23. Donald A. Walker (1990), ‘Disequilibrium and Equilibrium in Walras’s Model of Oral Pledges Markets’
24. A. van Witteloostuijn and J.A.H. Maks (1990), ‘Walras on Temporary Equilibrium and Dynamics’
25. Martin Currie and Ian Steedman (1990), ‘Walras’
26. Donald A. Walker (1994), ‘Equilibrating Processes in Walras’s Mature Comprehensive Model’
27. Donald A. Walker (1991), ‘The Written Pledges Markets in Walras’s Last Monetary Model’
28. Michio Morishima (1996), ‘Addendum’ and ‘Walras’ Own Theory of Tatonnement’
29. Manuel Luís Costa (1998), ‘Walras and the NeoWalrasian Diversion’
Name Index
Volume II
Acknowledgements
An introduction by the editor to both volumes appears in Volume I
PART I SPECIAL MODELS
A Demand
1. John Creedy (1999), ‘The Rise and Fall of Walras’s Demand and Supply Curves’
B Capital
2. Paola Potestio (1987), ‘Investment and Social Categories in Walrasian Analysis’
3. Roy J. Rotheim (1987), ‘Equilibrium in Walras’s and Marx’s Theories of Capital Accumulation’
4. Donald A. Walker (1996), ‘The Structure of Walras’s Mature Model of Capital Goods Markets’
5. Jan van Daal (1998), ‘Léon Walras’s General Economic Equilibrium Models of Capital Formation: Existence of a Solution’
C Money
6. Robert E. Kuenne (1961), ‘The Walrasian Theory of Money: An Interpretation and a Reconstruction’
7. P.W. Howitt (1973), ‘Walras and Monetary Theory’
8. Michio Morishima (1977), ‘The Walrasian Prototype’
9. S.G. Hall (1983), ‘Money and the Walrasian Utility Function’
10. H.C. Hilton (1995), ‘Leon Walras on Money and Banking’
11. Donald A. Walker (1996), ‘The Mature Models of the Money Market’
12. Donald A. Walker (1991), ‘The Markets for Circulating Capital and Money in Walras’s Last Monetary Model’
13. Antoine Rebeyrol (1998), excerpt from ‘The Development of Walras’ Monetary Theory’
PART II SOCIAL AND APPLIED ECONOMICS
14. Peter de Gijsel (1989), ‘On the Role of General Equilibrium Theory in Walras’s Theory of a Just Society’
15. Lars Pålsson Syll (1993), ‘Wicksell on Harmony Economics: The Lausanne School vs. Wicksell’
16. Roger Koppl (1995), ‘The Walras Paradox’
17. Michel Herland (1996), ‘Three French Socialist Economists: Leroux, Proudhon, Walras’
18. Jean-Pierre Potier (1998), ‘Léon Walras and Applied Science: The Significance of the Free Competition Principle’
PART III RECENT USES OF WALRAS’S IDEAS
A Equilibration and Equilibrium
19. Jan van Daal and Donald A. Walker (1990), ‘The Problem of Aggregation in Walras’s General Equilibrium Theory’
20. Christian Bidard and Reiner Franke (1987), ‘On Walras’ Model of General Equilibrium: A Simpler Way to Demonstrate Existence’
21. Peter Flaschel (1991), ‘Stability – Independent of Economic Structure? A Prototype Analysis’
22. Jan van Daal and Albert Jolink (1993), ‘Walras’s ‘General’ General-equilibrium Model’
23. Peter Funk (1995), ‘Bertrand and Walras Equilibria in Large Economies’
24. Jacques H. Drèze (1997), ‘Walras-Keynes Equilibria Coordination and Macroeconomics’
25. Murat R. Sertel and Muhamet Yildiz (1999), ‘Double-edged Population Monotonicity of Walrasian Equilibrium – A Note on the Nature of Competition’
B Walras’s Law
26. James R. Rhodes (1984), ‘Walras’ Law and Clower’s Inequality’
27. S. Rao Aiyagari (1992), ‘Walras’ Law and Nonoptimal Equilibria in Overlapping Generations Models’
28. Thomas I. Palley (1998), ‘Walras’ Law and Keynesian Macroeconomics’
C Cournot-Walras
29. Giulio Codognato (1994), ‘Cournot-Walras Equilibrium: A Reconsideration’
30. Oved Yosha (1997), ‘Diversification and Competition: Financial Intermediation in a Large Cournot-Walras Economy’
D Walras Allocations
31. Ryo-Ichi Nagahisa and Sang-Chul Suh (1995), ‘A Characterization of the Walras Rule’
32. Walter Trockel (1996), ‘A Walrasian Approach to Bargaining Games’
33. S. Ghosal and H.M. Polemarchakis (1997), ‘Nash-Walras Equilibria’
E Walras Correspondence
34. Elyes Jouini (1993), ‘The Graph of the Walras Correspondence: The Production Economies Case’
35. Mukul Majumdar and Bezalel Peleg (1997), ‘An Axiomatization of the Walras Correspondence in Infinite Dimensional Spaces’
F Applied Economics
36. Jean-Marc Burniaux, François Delorme, Ian Lienert and John P. Martin (1990), ‘WALRAS – A Multi-sector, Multi-country Applied General Equilibrium Model for Quantifying the Economy-wide Effects of Agricultural Policies’
Name Index
Volume I
Acknowledgements
Introduction Donald A. Walker
PART I INTRODUCTORY READINGS
A Biography
1. William Jaffé (1935), ‘Unpublished Papers and Letters of Léon Walras’
B General Interpretations and Evaluations
2. Donald A. Walker (1970), ‘Léon Walras in the Light of His Correspondence and Related Papers’
3. Hans Brems (1974), ‘A Centennial: The Walras Vision’
4. Donald A. Walker (1984), ‘Is Walras’s Theory of General Equilibrium a Normative Scheme?’
5. Donald A. Walker (1987), ‘Walras, Léon (1834–1910)’
6. Albert Jolink and Jan Van Daal (1989), ‘Leon Walras’s Mathematical Economics and the Mechanical Analogies’
7. Bruna Ingrao and Giorgio Israel (1990), ‘Léon Walras’
8. Claude Ménard (1990), ‘The Lausanne Tradition: Walras and Pareto’, and ‘Commentary’
9. Roger Koppl (1992), ‘Price Theory as Physics: The Cartesian Influence in Walras’
10. Albert Jolink (1993), ‘"Procrustean Beds and All That": The Irrelevance of Walras for a Mirowski Thesis’
11. B. Bürgenmeier (1994), ‘The Misperception of Walras’
C Comparisons With Other Economists
12. Donald A. Walker (1987), ‘Edgeworth Versus Walras on the Theory of Tatonnement’
13. Sidney C. Sufrin (1987), ‘Schumpeter – Walras and Pragmatism’
14. Richard Arena (1992), ‘Schumpeter after Walras: ‘économie pure’ or ‘stylized facts’?’
15. M. Morishima (1996), ‘Morishima on Ricardo: Two Replies’
16. Philippe Fontaine (1998), ‘Menger, Jevons, and Walras Un-homogenized, De-homogenized, and Homogenized: A Comment on Peart’
PART II GENERAL EQUILIBRATION AND EQUILIBRIUM
17. Donald A. Walker (1986), ‘Walras’s Theory of the Entrepreneur’
18. Donald A. Walker (1988), ‘Iteration in Walras’s Theory of Tatonnement’
19. A. van Witteloostuijn and J.A.H. Maks (1988), ‘WALRAS: A Hicksian avant la lettre’
20. Takashi Negishi (1989), ‘Walras and the General Equilibrium Theory’
21. Jan van Daal (1989), ‘On Production in Walras’ Theory of General Economic Equilibrium’
22. Donald A. Walker (1990), ‘Institutions and Participants in Walras’s Model of Oral Pledges Markets’
23. Donald A. Walker (1990), ‘Disequilibrium and Equilibrium in Walras’s Model of Oral Pledges Markets’
24. A. van Witteloostuijn and J.A.H. Maks (1990), ‘Walras on Temporary Equilibrium and Dynamics’
25. Martin Currie and Ian Steedman (1990), ‘Walras’
26. Donald A. Walker (1994), ‘Equilibrating Processes in Walras’s Mature Comprehensive Model’
27. Donald A. Walker (1991), ‘The Written Pledges Markets in Walras’s Last Monetary Model’
28. Michio Morishima (1996), ‘Addendum’ and ‘Walras’ Own Theory of Tatonnement’
29. Manuel Luís Costa (1998), ‘Walras and the NeoWalrasian Diversion’
Name Index
Volume II
Acknowledgements
An introduction by the editor to both volumes appears in Volume I
PART I SPECIAL MODELS
A Demand
1. John Creedy (1999), ‘The Rise and Fall of Walras’s Demand and Supply Curves’
B Capital
2. Paola Potestio (1987), ‘Investment and Social Categories in Walrasian Analysis’
3. Roy J. Rotheim (1987), ‘Equilibrium in Walras’s and Marx’s Theories of Capital Accumulation’
4. Donald A. Walker (1996), ‘The Structure of Walras’s Mature Model of Capital Goods Markets’
5. Jan van Daal (1998), ‘Léon Walras’s General Economic Equilibrium Models of Capital Formation: Existence of a Solution’
C Money
6. Robert E. Kuenne (1961), ‘The Walrasian Theory of Money: An Interpretation and a Reconstruction’
7. P.W. Howitt (1973), ‘Walras and Monetary Theory’
8. Michio Morishima (1977), ‘The Walrasian Prototype’
9. S.G. Hall (1983), ‘Money and the Walrasian Utility Function’
10. H.C. Hilton (1995), ‘Leon Walras on Money and Banking’
11. Donald A. Walker (1996), ‘The Mature Models of the Money Market’
12. Donald A. Walker (1991), ‘The Markets for Circulating Capital and Money in Walras’s Last Monetary Model’
13. Antoine Rebeyrol (1998), excerpt from ‘The Development of Walras’ Monetary Theory’
PART II SOCIAL AND APPLIED ECONOMICS
14. Peter de Gijsel (1989), ‘On the Role of General Equilibrium Theory in Walras’s Theory of a Just Society’
15. Lars Pålsson Syll (1993), ‘Wicksell on Harmony Economics: The Lausanne School vs. Wicksell’
16. Roger Koppl (1995), ‘The Walras Paradox’
17. Michel Herland (1996), ‘Three French Socialist Economists: Leroux, Proudhon, Walras’
18. Jean-Pierre Potier (1998), ‘Léon Walras and Applied Science: The Significance of the Free Competition Principle’
PART III RECENT USES OF WALRAS’S IDEAS
A Equilibration and Equilibrium
19. Jan van Daal and Donald A. Walker (1990), ‘The Problem of Aggregation in Walras’s General Equilibrium Theory’
20. Christian Bidard and Reiner Franke (1987), ‘On Walras’ Model of General Equilibrium: A Simpler Way to Demonstrate Existence’
21. Peter Flaschel (1991), ‘Stability – Independent of Economic Structure? A Prototype Analysis’
22. Jan van Daal and Albert Jolink (1993), ‘Walras’s ‘General’ General-equilibrium Model’
23. Peter Funk (1995), ‘Bertrand and Walras Equilibria in Large Economies’
24. Jacques H. Drèze (1997), ‘Walras-Keynes Equilibria Coordination and Macroeconomics’
25. Murat R. Sertel and Muhamet Yildiz (1999), ‘Double-edged Population Monotonicity of Walrasian Equilibrium – A Note on the Nature of Competition’
B Walras’s Law
26. James R. Rhodes (1984), ‘Walras’ Law and Clower’s Inequality’
27. S. Rao Aiyagari (1992), ‘Walras’ Law and Nonoptimal Equilibria in Overlapping Generations Models’
28. Thomas I. Palley (1998), ‘Walras’ Law and Keynesian Macroeconomics’
C Cournot-Walras
29. Giulio Codognato (1994), ‘Cournot-Walras Equilibrium: A Reconsideration’
30. Oved Yosha (1997), ‘Diversification and Competition: Financial Intermediation in a Large Cournot-Walras Economy’
D Walras Allocations
31. Ryo-Ichi Nagahisa and Sang-Chul Suh (1995), ‘A Characterization of the Walras Rule’
32. Walter Trockel (1996), ‘A Walrasian Approach to Bargaining Games’
33. S. Ghosal and H.M. Polemarchakis (1997), ‘Nash-Walras Equilibria’
E Walras Correspondence
34. Elyes Jouini (1993), ‘The Graph of the Walras Correspondence: The Production Economies Case’
35. Mukul Majumdar and Bezalel Peleg (1997), ‘An Axiomatization of the Walras Correspondence in Infinite Dimensional Spaces’
F Applied Economics
36. Jean-Marc Burniaux, François Delorme, Ian Lienert and John P. Martin (1990), ‘WALRAS – A Multi-sector, Multi-country Applied General Equilibrium Model for Quantifying the Economy-wide Effects of Agricultural Policies’
Name Index