Leon Walras , born with Évreux (France) the December 16th 1834 and died in Clarens-Montreux (Swiss) the January 5th 1910, is a economist French. He was regarded by Joseph Schumpeter as “largest of all the economists”.

Leon Walras described the general stability Concurrence perfect and sought to show that this balance is optimal. He wants to say by there that the balance of perfect competition would allow the full employment of all the factors of production: all the active population would be occupied and all the capital would be used. He would make it possible to satisfy all the solvent requests. This idea was criticized by Keynes besides (economists of keynésienne influence continuing to be opposed to this vision of the operation of the market), like many liberals, particularly those adhering to the theories Austrian school. The procedure of “groping walrasien” towards balance has nothing to do with what one usually understands by market: the bilateral exchanges are prohibited there, all supply and all demand convergent towards an appraiser who posts the prices: the market is perfect and provides right information to the whole of the actors.

Biography

Formation

He is the son of Auguste Walras, a French economist whose thought will influence much that of his/her son, in the field of the social reform in general and layer in particular.

He studies with the college of Caen in 1844, then with the College of Douai in 1850. He is graduate graduate-be-letters in 1851 and graduate-be-sciences in 1853. The same, he is year not declared acceptable with the Polytechnic school. In spite of a preparation in mathematics and systems design course, he is refused one second time.

In 1854, it is received raises external with the École des Mines of Paris, but it does not have interest for the training of engineer and it gives up this school. It resumes studies to supplement its knowledge in philosophy, history, criticism of the literature and art, in political economy and social sciences.

Antoine-Augustin Cournot, a school-fellow of his father Auguste, will play also a crucial influence in what he inculcates to him the Rationalisme with the Frenchwoman and the use of mathematics in economy.

Development of work

In 1859, he writes its first economic work (refutation of the doctrines of Proudhon).

In 1860, it takes part in the international congress of the tax at this meeting in Lausanne. He answers the contest of the canton of Vaud on the question of the tax, by formulating the theory of the attribution of the ground and the ground rent in the State. He receives the fourth reward.

He works with the Case of discount, contributed to several newspapers and develops his thought until 1868 (drafting of the newspaper Work, Revue of the co-operative movement, published during two years in 1866-67 and 1867-68).

University of Lausanne

In 1869, the Faculty of Law of the Université of Lausanne (in this time Academy of Lausanne) wishes to institute a political pulpit of economy. Remembering the report of Walras presented in 1860, she proposes to him to be presented to the contest. It answers it by expressing its intention to create the mathematical school which is its objective since 1860.

It is named professor with the political pulpit of economy of the Université of Lausanne and there will teach of 1870 to 1892.

The founder of the marginalism

With William Jevons, Carl Menger, simultaneously but independently of them, it creates the concept of “marginal Utilité” within the theory of value, which will give rise to the paradigm of the Marginalisme.

Within what it is advisable to call the “revolution marginalist”, so much the concepts are innovators compared to the classical theory, he founds the School of Lausanne or called walrassienne in his honor. One can distinguish three schools resulting from the marginalism:

• the School of Lausanne, with Leon Walras and his successor, Vilfredo Pareto
• the School of Vienna, with Carl Menger
• the School of Cambridge, with William Jevons

He worked on the general competing balance in Micro-économie.

He was also an active and engaged promoter of the various forms of popular associations (Coopérative S workers of production, co-operatives of credit, co-operatives of consumption). He declared himself with the political plan as being socialist.

The torch of its heritage is always lit with economists néo-walrassiens like Kenneth Arrow or Gerard Debreu.

Publications

• “Of the intellectual property” in Newspaper of the economists (1859)
• political Economy and justice, critical examination and refutation of the economic doctrines of Mr. P.J. Proudhon preceded by one introduction to the study of the social question (1860)
• “economic Paradoxes I” in Newspaper of the economists (1860)
• critical Theory of the tax (1861)
• popular Associations of consumption, production and credit (1865)
• the Stock Exchange and the credit (1867)
• Research of the social ideal (1868)
• “Principle of a mathematical theory of the exchange” in Newspaper of the economists (1874)
• Elements of pure political economy, or theory of the social richness (1874)
• “Correspondence between Mr. Jevons, professor in Manchester, and Mr. Walras, professor in Lausanne” in Newspaper of the economists (1874)
• mathematical Theory of the social richness (1883) Text in line
• autobiographical Note of Leon Walras 1893.
• Studies of social economy. Theory of distribution of the social richness (1896)
• Studies of political economy applied. Theory of production of the social richness 1898.
• “Theory of the credit” in Re-examined political economy (1896)
• On the equations of circulation (1899)
• “Cournot and economic mathematics” in the Gazette of Lausanne (1905)
• “Peace by social justice and free trade” in Practical matters of working legislation (1907)
• the State and the railroad (1875)
• Leon Walras, autobiography (1908)
• “Economic and mechanical” in Bulletin of the Company of Vaud of natural science (1909) Text in line

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