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Leon Walras: Elements of Theoretical Economics - Or, The Theory of Social Wealth (Paperback)
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Leon Walras: Elements of Theoretical Economics - Or, The Theory of Social Wealth (Paperback)
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In his fourth edition of Elements of Theoretical Economics (1900),
Leon Walras introduced the device of written pledges to eliminate
path dependency: sellers of products and services write out
commitments to supply certain quantities at suggested prices with
no commodities actually produced and supplied until a set of prices
is found at which supply and demand are equal simultaneously in
every market. This brought about very serious alterations to the
character of the book. Unfortunately, these changes resulted in an
incomplete, internally contradictory, and occasionally incoherent
text. This translation, therefore, by the two leading scholars of
Leon Walras's work, Donald Walker and Jan van Daal, revisits the
third edition of this seminal work, including Walras's brilliant
explanation of his comprehensive model, with all its richness
derived from reality. Growing research into Walras's research
indicates that it was this third edition that contained his best
theoretical research and a translation of this edition of the book
is now a necessity."
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