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In his fourth edition of Éléménts d'économie politique pure
(1900), León 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 two leading scholars of León
Walras' work, Donald A. Walker and Jan van Daal, revisits the third
edition of this seminal work, including Walras' brilliant
explanation of his comprehensive model, with all its richness
derived from reality. Growing research into Walras' work 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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