Léon Walras' Elements of theoretical economics : or The theory of social wealth / translated and edited by Donald A. Walker, Indiana University of Pennsylvania, Jan van Daal, Triangle, University of Lyons-2.

Format:

Book

Author/Creator:

Walras, Léon, 1834-1910, author.

Contributor:

Walker, Donald A. (Donald Anthony), 1934- editor, translator.

Daal, J. van, editor, translator.

Standardized Title:

Eléments d'économie politique pure. English

Language:

English

Subjects (All):

Economics.

Economics, Mathematical.

Physical Description:

1 online resource (l, 521 pages) : digital, PDF file(s).

Place of Publication:

Cambridge : Cambridge University Press, 2014.

Language Note:

English

Summary:

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 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.

Contents:

Adam Smith's and J.-B. Say's definitions

Distinction between science, the arts, and ethics

Social wealth. Triple consequences of scarcity. The fact of value in exchange and of economic theory

The fact of industry and applied economics. The fact of property and social economics

The market and competition. The problem of the exchange of two commodities for each other

Curves of effective demand and effective supply

Discussion of the solution of the problem of exchange of two commodities for each other

Utility or want curves. The theorem of maximum satisfaction

Discussion of demand curves. General formula for the mathematical solution of the problem of exchange of two commodities for each other

Rareté, or the cause of value in exchange

The problem of the exchange of several commodities for one another. Theorem of general equilibrium

General formula of the mathematical solution of the problem of the exchange of several commodities for one another. Law of the determination of the prices of the commodities

Law of the variation of the prices of the commodities

Theorem of equivalent redistributions. Choice of a standard of measurement and of a medium of exchange

Purchase curves and sales curves. Price curves

Exposition and refutation of Adam Smith's and J.-B. Say's doctrines of the origin of value in exchange

Capital and income. The three services

Elements and mechanism of production

The entrepreneur. Business accounting and inventory

Equations of production

Solution of the equations of production. Law of the determination of the prices of products and services

The principle of free competition. Law of the variation of the prices of products and services. Price curves

Gross and net income. The rate of net income. The excess of income over consumption

Equations of capital formation and credit

Solution of the equations of capital formation and credit. Law of the determination of the rate of net income

Theorem of the maximum utility of new capital goods. Law of the variation of the rate of net income

Laws of the determination and variation of the prices of capital goods. The permanent market

Increase of the quantity of products. Laws of the general variation of prices in a progressive society

Critique of the doctrine of the physiocrats

Exposition and refutation of the English theory of the prices of products

Exposition and refutation of the English theory of rent

Exposition and refutation of the English theories of wages and interest

The problem of the value of money

Mathematical theory of bimetallism

Relative stability of the value of the bimetallic standard

Fiduciary money and offsetting claims. Foreign exchange

Price fixing and monopoly

Taxation

Appendixes: I Geometrical theory of the determination of prices

II. Observations on the principle of Messrs. Auspitz's and Lieben's theory of prices

III. Note on Mr. Wicksteed's refutation of the English theory of rent.

Notes:

Title from publisher's bibliographic system (viewed on 27 May 2016).

Includes bibliographical references and index.

ISBN:

1-316-08299-7

1-316-05699-6

1-316-05462-4

1-316-08063-3

1-316-07590-7

1-107-65145-X

1-107-58567-8

1-316-07117-0

1-316-07827-2

1-316-07353-X