Models constructed by Walrass contemporaries and immediate successors

In 1848, Europe was ablaze with revolutionary activity fueled by opposition to monarchy and by enthusiasm for democracy, socialism, and liberal reform. In Italy, the authorities retained their positions and punished the dissidents. One of the persons whose life was disrupted by the situation was the Marquis Raphael Pareto, the head of an old Genoese family. His republican sentiments put him into opposition with the policies of the government so he took refuge in France, where he married a...

Preferences and market behavior

Walras followed a chain of reasoning that connects the characteristics of economic man with the functioning of markets, explaining the links between the phenomena of utility, of effective demand and supply, and of the equilibrium price (123, 1877, p. 388 387, p. 671). It is very clear that in his discussion of those links he was referring to real people and the real economy, and to abstractions that he drew from them. He used his perceptions of human nature and his knowledge of the structure...

Henry Moore and Henry Schultz

Moore was another important economist of the generation immediately following Walras's who benefited from Walras's legacy. He closely studied and built upon Walras's general equilibrium model, even insisting upon using Walras's nomenclature and notation (Moore 1929). Moore was convinced that Walras had correctly delineated the interconnect-edness of a market economy and the method necessary for studying that feature. Moore affirmed that the central problem to the solution of which Walras gave...

Of Walrass writings in this book

Walras's legacy is conveyed in the pages of his writings that were published during his life and in his unpublished writings. His legacy likewise has been preserved in subsequent republications and publications. The annotated list of those writings is presented in Section III. They are the record Bompaire instructs us to look at in order to form a sound exposition and interpretation of Walras's legacy. The definitive bibliography is not an appendix to the book as a whole because the book deals...

Aspects of human nature

Distinction between animal and human nature Like the other parts of his economics, Walras's treatment of human nature was the outcome of his observations and vicarious knowledge of both external and internal aspects of human behavior (203, 1898, p. 1). According to him, to understand human nature it is necessary first of all to recognize the distinction between the characteristics shared by humans and animals, and those reserved exclusively for the former. That enables the identification of...

The first step Assertion of objective economic reality and the corresponding positive nature of economic theory

Walras believed that every aspect of the world, and hence the economy, is an objective reality as documented in Chapter 1 . He wrote that he wanted to distinguish humanity, society, the individual, the real state, in a word, social reality, and he identified each of the ideal types based on those real phenomena 51, 1866, columns 181-82, in 193, pp. 12-13 . For example, economics, both positive and normative, exists it exists not only in the ideal realm of the mind, but also in the reality of...