Marie-Esprit-Leon Walras was a French mathematical economist and Georgist.
19 Facts About Leon Walras
2.
Leon Walras formulated the marginal theory of value and pioneered the development of general equilibrium theory.
3.
Leon Walras's father was not a professional economist, yet his economic thinking had a profound effect on his son.
4.
Leon Walras found the value of goods by setting their scarcity relative to human wants.
5.
Leon Walras enrolled in the Ecole des Mines de Paris, but grew tired of engineering.
6.
Leon Walras worked as a bank manager, journalist, romantic novelist and railway clerk before turning to economics.
7.
Leon Walras received an appointment as the professor of political economy at the University of Lausanne.
8.
Much like the Fabians, Leon Walras called for the nationalization of land, believing that land's productivity would always increase and that rents from that land would be sufficient to support the nation without taxes.
9.
Leon Walras's work was too mathematically complex for many contemporary readers of his time.
10.
Elements has Leon Walras disagreeing with Jevons on the applicability, while the findings adopted by Carl Menger, he says, are completely in alignment with the ideas present in the book.
11.
Leon Walras's law implies that the sum of the values of excess demands across all markets must equal zero, whether or not the economy is in a general equilibrium.
12.
In 1874 and 1877 Leon Walras published the work that led him to be considered the father of the general equilibrium theory, Elements d'economie politique pure [see next section for bibliographical details].
13.
Leon Walras began with the theory of exchange in 1873 and proceeded to map out his theories of production, capitalization and money in his first edition.
14.
Leon Walras then drew a supply curve from the demand curve and set equilibrium prices at the intersection.
15.
Leon Walras then expanded the theory to include production with the assumption of an existence of fixed coefficients in said production making possible a generalization that the marginal productivity of the factors of production varied with the amount of input, making factor substitution possible.
16.
Leon Walras constructed his basic theory of general equilibrium by beginning with simple equations and then increasing the complexity in the next equations.
17.
Leon Walras began with a two-person bartering system, then moved on to the derivation of downward-sloping consumer demands.
18.
Leon Walras suggests that equilibrium will be achieved through a process of tatonnement, a form of incremental hill climbing.
19.
Leon Walras provides a definition of economic utility based on economic value as opposed to an ethical theory of value:.