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The Legacy of Leon Walrus
Intellectual Legacies in Modern Economics Series No. 7
This important two-volume collection of over sixty published articles presents a major study of Leon Walras's intellectual legacy and reveals how Walras's ideas contributed significantly to the formation of the mainstream of modern microeconomic theory. The collection comprises two groups of writings. The first, consisting of interpretations of his ideas, discuss his contributions to the theory of general equilibrium, including his special models of capital and of money, his applications of theory to the formation of economic policies, and his use of it in connection with his concepts of economic justice and an ideal economy. The second group shows current uses of Walras's ideas, including models dealing with Walrasian equilibrium, Walras's law, Cournot-Walras models, Walrasian ideas in the context of game-theoretic analysis, the Walras correspondence, and WALRAS, an econometric model of the general equilibrium effects of agricultural policies. The Legacy of Leon Walras will be an invaluable source to all those interested in the development of modern microeconomic theory, including teachers of economics, researchers, historians of economic thought and students.
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What Reviewers Are Saying
'I recommend Professor Walker's collection as an important addition to any economist's library because I agree with my teacher Schumpeter that Walras tops all economic theorists. As Lagrange said of Newton, he is the greatest scientist ever, because there is only one system of the world and it was Newton who found it. Similarly, there is only one system of General Equilibrium in Economics, and it was Walras who found it first.' -- Paul A. Samuelson, Massachusetts Institute of Technology, US 'Professional economists, students of doctrine and graduate students will welcome this valuable collection of articles on the legacy of the founder of general equilibrium economics, Leon Walras, who, perhaps more than any other person, legitimized economics as a science. Walker's introduction is superb!' -- Robert Mundell, Columbia University, US 'Professor Donald Walker displays an impressive extensive knowledge of the work of Leon Walras. In this book he exemplifies the essential complement that the history of economic thought brings to the mathematical research on General Equilibrium that was done in the past half-century.' -- Gerard Debreu, University of California, Berkeley, US and European University Institute, Italy