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Theories of General Economic Equilibrium and Maximum Efficiency

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Equilibrium and Disequilibrium in Economic Theory

Part of the book series: Theory and Decision Library ((TDLU,volume 13))

Abstract

1. Marie Esprit Léon Walras (1834-1910) is celebrated today among economists throughout the world as the first to have formulated the equations of general economic equilibrium4. His work was without doubt a turning point in the history of economic thought and the transformation of economics into a true science. For the first time, an over-all synthesis of economic equilibrium was presented in the framework of a general model, in which all prices and quantities were determined simultaneously by a system of equations. By putting Walras’ work back into its historical context, we can assert that, whatever its weaknesses or defects, by its influence, it marked the beginning of modern economic science.

Glory is the inventor’s alone. Those who come after are only his disciples. NEWTON 1

The name of Léon Walras will remain alive in science, and his fame will grow… It was Walras who first discovered one of these systems of equations, that relating to the case of free competition. This was a discovery of capital importance, and this scientist’s merit cannot be too highly lauded. Of course our science has developed, and will develop still further, but this will not diminish the importance of Walras’ discovery in any way, any more than the progress of celestial mechanics could diminish the importance of Newton’s Principia -just the reverse… His work puts him at the top and secures his imperishable fame. VILFREDO PARETO 2

… it is essential to make the foundations of pure political economy very solid before erecting on them the mathematical constructions they will have to support. LÉON WALRAS 3

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Authors
  1. Maurice Allais
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  1. Institute for Advanced Studies, Vienna, Austria

    Gerhard Schwödiauer

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© 1977 D. Reidel Publishing Company, Dordrecht, Holland

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Allais, M. (1977). Theories of General Economic Equilibrium and Maximum Efficiency. In: Schwödiauer, G. (eds) Equilibrium and Disequilibrium in Economic Theory. Theory and Decision Library, vol 13. Springer, Dordrecht. https://doi.org/10.1007/978-94-010-1155-6_10

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  • DOI: https://doi.org/10.1007/978-94-010-1155-6_10

  • Publisher Name: Springer, Dordrecht

  • Print ISBN: 978-94-010-1157-0

  • Online ISBN: 978-94-010-1155-6

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