Leon Walrus Biography

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Leon Walras

1834-1910

Leon Walrus was born in Évreux, France near Montreux, Switzerland on December 16th, 1834. Walrus was the son of the French proto-marginalist economist and schoolteacher, Auguste Walras. He spent most of his early life in Paris as a novelist and art critic. Leon Walras soon followed his father's footsteps by adopting his "father's socialist policy positions" on taxation and land reforms. He was the supporter of "outright land nationalization". He believed that land value would always increase and that rents would be enough to support the nation without taxes. Leon spent many years in the cooperatives movement. After Walras was appointed to the Academy of Lausanne in 1870. He wrote and published the first edition of The "Elements of Pure Economics" in 1874. In the course of Leon's work of the "Elements of Pure Economics" lead to his reputation of being "the father of general equilibrium theory".

Leon Walras's Elements are familiar to every modern economist. It covers much of what is available to us in the general equilibrium theory. The general equilibrium theory is a branch of theoretical microeconomics. It explains the production, consumption and prices in a whole economy.