Léon Walras: Elements of Theoretical Economics PDF Download

Author: Léon Walras
Publisher: Cambridge University Press
ISBN: 1316061728
Category : Business & Economics
Languages : en
Pages : 591

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Book Description
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 A. 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.

Author: Albert Jolink
Publisher: Routledge
ISBN: 1134989148
Category : Business & Economics
Languages : en
Pages : 208

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Book Description
The authors examine Walras' general equilibrium models, tracing their development through his major work Elements of Pure Economics, and also placing them in the broader context of his design for optimal economic order.

Author: Pascal Bridel
Publisher: Routledge
ISBN: 1136719822
Category : Business & Economics
Languages : en
Pages : 169

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Book Description
2010 marks the hundredth anniversary of the death of Léon Walras, the brilliant originator and first formaliser of general equilibrium theory – one of the pillars of modern economic theory. In advancing much derided practical solutions Walras also displayed more concern for the problems of living in a second best world than is common in modern pure theories of the invisible hand, efficient market hypothesis, DSGE macroeconomics or the thinking of some contemporary free market admirers all based on general equilibrium theory. This book brings contributions from the likes of Kenneth Arrow, Alan Kirman, Richard Posner, Amartya Sen and Robert Solow to share their thoughts and reflections on the theoretical heritage of Léon Walras. Some authors reminisce on the part they played in the development of modern general economics theory; others reflect on the crucial part played by general equilibrium in the development of macroeconomics, microeconomics, growth theory, welfare economics and the theory of justice; others still complain about the wrong path economic theory took under the influence of post 1945 developments in general equilibrium theory.

Author: Léon Walras
Publisher: Routledge
ISBN: 113455995X
Category : Business & Economics
Languages : en
Pages : 630

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Book Description
Elements of Pure Economics was one of the most influential works in the history of economics, and the single most important contribution to the marginal revolution. Walras' theory of general equilibrium remains one of the cornerstones of economic theory more than 100 years after it was first published.

Author: Donald A. Walker
Publisher: Cambridge University Press
ISBN: 1139450913
Category : Business & Economics
Languages : en
Pages : 297

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Book Description
In order to understand the various strands of general equilibrium theory, why it has taken the forms that it has since the time of Léon Walras, and to appreciate fully a view of the state of general equilibrium theorising, it is essential to understand Walras's work and examine its influence. The first section of this book accordingly examines the foundations of Walras's work. These include his philosophical and methodological approach to economic modelling, his views on human nature, and the basic components of his general equilibrium models. The second section examines how the influence of his ideas has been manifested in the theorising of his successors, surveying the models of theorists such as H. L. Moore, Vilfredo Pareto, Knut Wicksell, Gustav Cassel, Abraham Wald, John von Neumann, J. R. Hicks, Kenneth Arrow, and Gerard Debreu. The treatment also examines models of many types in which Walras's influence is explicitly acknowledged.

Author: Stephen L. Parente
Publisher: MIT Press
ISBN: 9780262264082
Category : Business & Economics
Languages : en
Pages : 188

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Book Description
Why isn't the whole world as rich as the United States? Conventional views holds that differences in the share of output invested by countries account for this disparity. Not so, say Stephen Parente and Edward Prescott. In Barriers to Riches, Parente and Prescott argue that differences in Total Factor Productivity (TFP) explain this phenomenon. These differences exist because some countries erect barriers to the efficient use of readily available technology. The purpose of these barriers is to protect industry insiders with vested interests in current production processes from outside competition. Were this protection stopped, rapid TFP growth would follow in the poor countries, and the whole world would soon be rich. Barriers to Riches reflects a decade of research by the authors on this question. Like other books on the subject, it makes use of historical examples and industry studies to illuminate potential explanations for income differences. Unlike these other books, however, it uses aggregate data and general equilibrium models to evaluate the plausibility of alternative explanations. The result of this approach is the most complete and coherent treatment of the subject to date.

Author: E. Dierker
Publisher: Springer
ISBN:
Category : Business & Economics
Languages : en
Pages : 152

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Book Description
The economic framework; Introduction to the mathematics; Differentiable manifolds and mapping, tangents, vectorfields; Regular equilibria. A first approach; Scarf's example; Excess demand functions; Debreu's theorem on the finiteness of the number of equilibria of an economy; Continuity of the Walras correspondence for demand functions; Density of transversal intersection; Regular economies; Stability questions and the number of equilibria; Large economies; Some standard notation.

Author: Léon Walras
Publisher: Routledge
ISBN: 1136975551
Category : Business & Economics
Languages : en
Pages : 623

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Book Description
Léon Walras (1834–1910) is one of the four or five most important economic theorists in the history of the science. The present book is a complete English translation of the second edition (1936) of his Études d’économie sociale (1896), in which he applies economic theory to real problems, presents the essence of his normative economic ideas, and reveals himself to have also been a great thinker on human nature, justice, mores, and the structure of scientific inquiry and knowledge. The book will be of interest to researchers and postgraduate students in the area of the history of economics as well as those interested in Walrasian topics, such as social justice, taxation, intellectual property, and land ownership.

Author: Michio Morishima
Publisher: Cambridge University Press
ISBN: 9780521285223
Category : Business & Economics
Languages : en
Pages : 230

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Book Description
Originally published in 1977, this book is a companion to Professor Morishima's book Marx's Economics which was published in 1973. As he did so successfully with Marx, Morishima intended with this book to change the standard assessment of his subject's contribution to the development of economic thought. The standard view was that Walras provided, in the second half of the nineteenth century, the basis for general equilibrium theory. He was thus regarded as a microeconomist, a founder of marginalism; but Morishima argues that, while Walras certainly made important contributions in that area, it is his attempt to build a macroeconomics on that foundation that should be regarded as his main achievement. This book will provoke great interest amongst all economists and advanced students of economic theory and its history.

Author: Albert Jolink
Publisher: Routledge
ISBN: 1134961693
Category : Business & Economics
Languages : en
Pages : 181

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Book Description
This study offers a new perspective of Walras' pure, applied and social economics. Through archival research at the University of Lausanne, Jolink considers Walras' ideas on philosophy and philosophy of science based on a newly constructed taxonomy. Walras' work is placed in a broader context by stressing the nineteenth century cultural and historical background in which he lived. This further gives an insight into the relationship between the romanticism of the early nineteenth century and logical positivism of the twentieth century.