Walras's Market Models describes and evaluates Leon Walras's models
of competitive markets. Through identification of his career phases
and the associated general equilibrium models, which are shown to
be very different in character, this book differs from previous
examinations of his work. During his mature phase of theoretical
activity, Walras was concerned with a competitive economy which
passes through a phase of disequilibrium in the production and
sales of commodities. While in his last phase of theoretical
activity, he developed a model in which there is no production,
sales, hiring, consuming or saving until an assumed set of
equilibrium prices obtains of the model. The two phases of Walras's
theoretical work have not previously been identified, and the
models have not been subjected to an accurate analysis and
evaluation.
General
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