The Equilibrium Economics of Leon Walras

The literature on Leon Walras has previously focused on theElements 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 Walrastraces the development of Walras's consecutive models of general equilibrium through the five editions of hisElements. 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 tomonopoly 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."