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Contents: 1. Introduction 2. Evolution and Progress 3. The World According to Walrus 4. Indications of Philosophy 5. Indications of History 6. Indications of Science 7. The Elements 8. The Applied 9. Economics of Transition 10. From Romanticism to Logical Positivism Notes. Bibliography.
Since the publication of Keynes's General Theory of Employment,
Interest and Money in 1936, macroeconomic theory has altered
considerably. Each author in this volume focuses on an issue which
either preceded, accompanied or followed the 'Keynesian Revolution'
and helped to shape economics in subsequent years. Contributors
reconsider some of the major concepts of the "General Theory":
unemployment and the identity of income and output. They also
highlight some of the controversies in macroeconomic theory and
review the macroeconomic policy implications and consequences.
This study offers a new perspective of Walras' pure, applied and
social economics. Through archival research at the University of
Lausanne, Jolink considers Walras' ideas on philosophy and
philosophy of science based on a newly constructed taxonomy.
Walras' work is placed in a broader context by stressing the
nineteenth century cultural and historical background in which he
lived. This further gives an insight into the relationship between
the romanticism of the early nineteenth century and logical
positivism of the twentieth century.
Since the publication of Keynes's General Theory of Employment,
Interest and Money in 1936, macroeconomic theory has altered
considerably. Each author in this volume focuses on an issue which
either preceded, accompanied or followed the 'Keynesian Revolution'
and helped to shape economics in subsequent years. Contributors
reconsider some of the major concepts of the "General Theory":
unemployment and the identity of income and output. They also
highlight some of the controversies in macroeconomic theory and
review the macroeconomic policy implications and
consequences.
Does Walras' theory extend beyond free competition? Literature on
Walras has focused on his "Elements of pure economics". While this
is partly due to the value the economist himself attached to his
study, it has tended to present a rather unbalanced view of his
life's work. In "The Equilibrium Economics of Leon Walras, Van Daal
and Jolink trace the development of Walras' consecutive models of
general equilibrium through the five editions of his "Elements".
However, the authors also even-up the overall impression of Walras'
work by placing his equilibrium exercises in a much broader
prespective and arguing that these models should be considered as
an instrument in Walras' design for optimal economic order. The
book falls into three distinct sections. Part 1 deals with some
aspects of Walras' theory - the use of mathematics in economics,
the notion of free competition, the notion of utility, and price
formation in competitive markets. In Part 2, these aspects are
synthesized in the equilibrium models. Part 3 outlines Walras'
views on what he called the "social question", and how it led him
to formulate regulations with respect to monopoly.
The existing literature on Walras has focused on his Elements of
Pure Economics to an extent which has unbalanced our view of his
work. Jan van Daal and Albert Jolink pay very careful attention to
Walras' general equilibrium models, tracing their development
through the five editions of his Elements. But they also place his
equilibrium exercises in a broader context, arguing that these
models should be considered as an instrument in Walras' design for
optimal economic order.
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