The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Walras, Léon (1834–1910)

  • Donald A. Walker
Reference work entry


Léon Walras was the initiator of models of purely competitive general economic equilibration and equilibrium, of mathematical treatments of them, and of many aspects of microeconomic theory. In his period of maturity as a theoretician, he developed a comprehensive model that includes exchange, production of non-durable goods, production of capital goods, and monetary behaviour. That model features irrevocable disequilibrium behaviour and capital accumulation, and its equilibrium is therefore path dependent. His last theoretical effort, which was a failure but nevertheless very influential, was to try to develop a virtual and therefore path-independent model that would justify his static equation system.


American Economic Association Amstein, H. Applied economics Barone, E. Bimetallism Bortkiewicz, L. von Capital accumulation Capital theory Cash-balances theory of money Cassel, K. G. Certainty Circular flow Comparative statics Competition Condillac, E. B. de Consumers Convergence Cournot, A. A. Cousin, V. Demand function Durable goods Dynamic equation system E commodity Economic growth Edgeworth, F. Y. Entrepreneur Exchange Excess demand Existence of equilibrium Fiat money Fisher, I. Galiani, F. General equilibrium Human nature Immaterial goods Interrelated markets Investment Isnard, A. N. Jevons, W. S. Justice Landlords Lexis, W. Losses Marginal productivity theory Marginal utility Marginal utility of money Marshall, A. Mathematical economics Mature comprehensive model Methodology Mill, J. S. Monetary equilibrium Monopoly Moore, H. L. Moving equilibrium Multi-good exchange Nationalization of land Natural monopoly, nationalization of Non-durable goods Non-virtual model Normative economics Pantaleoni, M. Pareto, V. Path dependency Parameters of the models Period analysis, Walrasian Poinsot, L. Positive economics Preferences Price stabilization Production model Profit Proudhon, P.-J. Quesnay, F. Rareté Rate of interest Real balances Saving Say, J.-B. Schultz, H. Schumpeter, J. Services Simultaneous equations Smith, A. Social economics Stability of equilibrium Static equation system Stationary equilibrium Supply function Tatonnement Taxation, injustice of Turgot, A.R.J. Uncertainty Uniqueness of equilibrium Utility Utility maximization Veil of money Virtual model Wages of management Walras, A. A. Walrasian equilibrium Walrasian pricing Walras, L. Walras’s law Wicksell, J. G. K. Wicksteed, P. H. Workers Written pledges 

JEL Classifications

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Donald A. Walker
    • 1
  1. 1.