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 . It explains the production, consumption and prices in a whole economy.
Walras set out his Elements into eight parts. The first one is his definition of the scope of economics which is the “subjective value theory” and the “mathematical method”. Followed by “commodity pure exchange” where demand and supply are . The third step was “multi-market pure exchange”. The fourth step was, “incorporates production”. Followed by the fifth step which was the “” and “theory of money”. Next were the continuous market and a growing economy. Finally the last step was “reflections on imperfect competition and monopoly”.
In 1874 Walras had predicted “Elements” as part of a larger work. Later in the 1890s, Walras's mental capacities had begun to fail and it became doubtful that he would be able to complete his piece of work in the approach he had originally planned. He compiled two volumes, Studies in Social Economics in 1896 and the Studies in Applied Economics in 1898. Although it was little more than a collection of previously published articles, he still considered these books complementary to the “Elements”.
However modern economists have also dismissed Walras's attempt, in a later edition of the “Elements” in 1896. It was widely acknowledged that Walras learnt his theorem from Enrico .
In the last decade of Walras's life was spent in frustrated loneliness, bitter at the neglect of his work, harmed by mental illness. Unfortunately Leon Walras died on January 5, 1910. It was not until around the 1930’s which was 20 years after his death, that his work became famous. His work “Elements of Pure Economics” was finally translated into English in 1954.
I believe Leon Walras was a remarkable man. He truly loved the study of Economics. Leon never gave up through his theories he formed. He knew there was a solution to everything. He did everything possible to find the answers of economics. This is why he is known for being the greatest economists of all time. This ultimately shows that Leon Walrus was a man that contributed to the subject economics in many ways. We now today still use his theories of “The general equilibrium”. This shows that his theories are still alive to this date.
Works Cited
“Leon Walras, Biography”
“Information on Leon Walrus”
“Leon Walrus”
