File:Portrait_of_Léon_Walras_1862_extract.png · Wikimedia Commons · See Wikimedia Commons
Person · Open Library
- Born
- 1834
- Died
- 1910
- Works
- 66
Top works
- Theorie des Geldes
- Léon Walras à Lausanne
- 理論經濟學要義
- Cours
- Les associations populaires coopératives
via Open Library + Wikidata
Key facts
- Born
- ( 1834-12-16 ) 16 December 1834, Évreux , Upper Normandy , France
- Died
- 5 January 1910 (1910-01-05) (aged 75), Clarens, now part of Montreux , Switzerland
- Alma mater
- École des Mines de Paris
- Influences
- Augustin Cournot Étienne Vacherot rationalism Adam Smith Jean-Baptiste Say
- Discipline
- Economics , Microeconomics
- School or tradition
- Lausanne School , Marginalism
- Notable ideas
- Marginal utility , General equilibrium , Walras's law , Walrasian auction
via Wikipedia infobox
Wikidata facts
- Instance of
- human
- Gender
- male
- Citizenship
- France
- Place of birth
- Évreux
- Place of death
- Clarens
- Father
- Auguste Walras
- Occupation
- mathematician
- Educated at
- Mines ParisTech
- Employer
- University of Lausanne
- Languages spoken
- French
- Religion
- Catholicism
- Movement
- School of Lausanne
- Image
- Léon Walras.jpg
- Work location
- Lausanne
Show 8 more facts
- Commons category
- Léon Walras
- date of birth
- 1834-12-16
- date of death
- 1910-01-05
- birth name
- Léon Walras
- nominated for
- Nobel Peace Prize
- name in native language
- Léon Walras
- writing language
- French
- maintained by WikiProject
- WikiProject Mathematics
Sources (3)
via Wikidata · CC0
~19 min read
Encyclopedic overview
Marie-Esprit-Léon Walras ( French: [valʁas]; 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.
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 economists such as Vilfredo Pareto, Knut Wicksell and Gustav Cassel. John Hicks and Paul Samuelson used the Walrasian contribution in the elaboration of the neoclassical synthesis. For their part, Kenneth Arrow and Gérard Debreu, from the perspective of a logician and a mathematician, determined the conditions necessary for equilibrium.
Excerpted from Wikipedia’s “Léon Walras” article, available under the CC BY-SA 4.0 licence.