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Auguste Walras
Auguste Walras (; 1801–1866) was a French school administrator and economist. He was the father of Léon Walras, who was deeply influenced by his father's view on economics. Auguste Walras convinced his son to give up his original literary aspirations to pursue economic studies. It was his idea to take ''rareté'' (scarcity) and utility as the source of value. He also encouraged him to use mathematical tools, probably under the inspiration of his former classmate Augustin Cournot. Auguste Walras found the value of goods by setting their scarcity relative to human wants. His own efforts in working out his theories did not extend beyond a sketch which Leon Walras was to draw upon. Auguste Walras' policy stance on nationalization of land was also adopted by the young Walras. Major works *''De la nature de la richesse et de l'origine de la valeur'' (On the nature of riches and the origin of value), 1831. *"Considérations sur la mesure de la valeur et sur la fonction de métaux ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Léon Walras
Marie-Esprit-Léon Walras (; 16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist. He formulated the marginal theory of value (independently of William Stanley Jevons and Carl Menger) and pioneered the development of general equilibrium theory. Walras is best known for his book ''Éléments d'économie politique pure'', a work that has contributed greatly to the mathematization of economics through the concept of general equilibrium. The definition of the role of the entrepreneur found in it was also taken up and amplified by Joseph Schumpeter. For Walras, exchanges only take place after a Walrasian '' tâtonnement'' (French for "trial and error"), guided by the auctioneer, has made it possible to reach market equilibrium. It was the general equilibrium obtained from a single hypothesis, rarity, that led Joseph Schumpeter to consider him "the greatest of all economists". The notion of general equilibrium was very quickly adopted by major econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
