Vision of Leon Walras
Léon Walras (1834–1910) transformed economics from a literary discipline into a mathematical, deterministic science. For the first time, Walras expressed the view that all markets are related and that their relationships can be described and analyzed mathematically. These interrelated markets undergo a constant interactive adjustment process tending toward benign balance or “general equilibrium.” ...
Léon Walras (1834–1910) transformed economics from a literary discipline into a mathematical, deterministic science. For the first time, Walras expressed the view that all markets are related and that their relationships can be described and analyzed mathematically. These interrelated markets undergo a constant interactive adjustment process tending toward benign balance or “general equilibrium.” ...
