{"product_id":"leon-walras-elements-of-theoretical-economics-or-the-theory-of-social-wealth-paperback-9781107651456","title":"Léon Walras: Elements of Theoretical Economics; Or, The Theory of Social Wealth (Paperback \/ softback) 9781107651456","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eLéon Walras: Elements of Theoretical Economics\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eOr, The Theory of Social Wealth\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cem\u003eThis is an English translation of the third edition (1896) of Léon Walras' Elements of Theoretical Economics.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eLéon Walras (Author), Donald A. Walker (Edited and translated by), Jan van Daal (Edited and translated by)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781107651456, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePaperback \/ softback, published 16 May 2019\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e589 pages, 47 b\/w illus.  4 tables\u003cbr\u003e23 x 15.2 x 3 cm, 1.7 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e'Walras's theory of general economic equilibrium has inspired many great economists, from Pareto, Wicksell, Fisher, and Schumpeter to Hicks, Samuelson, Arrow, Hahn, and Debreu. It is therefore highly welcome that the third and finest edition of Walras's opus magnum, Éléménts, for the first time is made available in an excellent English edition thanks to Donald A. Walker and Jan van Daal, two leading Walrasian scholars.' Harald Hagemann, Universität Hohenheim, Stuttgart\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eIn 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.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eTranslators' introduction\u003cbr\u003e Part I. Objects and Divisions of Economics: 1. Adam Smith's and J.-B. Say's definitions\u003cbr\u003e 2. Distinction between science, the arts, and ethics\u003cbr\u003e 3. Social wealth\u003cbr\u003e 4. The fact of industry and applied economics\u003cbr\u003e Part II. Theory of Exchange: 5. The market and competition\u003cbr\u003e 6. Curves of effective demand and effective supply\u003cbr\u003e 7. Discussion of the solution of the problem of the exchange of two commodities for each other\u003cbr\u003e 8. Utility or want curves\u003cbr\u003e 9. Discussion of demand curves\u003cbr\u003e 10. Rareté, or the cause of value in exchange\u003cbr\u003e 11. The problem of the exchange of several commodities for one another\u003cbr\u003e 12 General formula of the mathematical solution of the problem of the exchange of several commodities for one another\u003cbr\u003e 13. Law of the variation of the prices of the commodities\u003cbr\u003e 14. Theorem of equivalent redistributions\u003cbr\u003e 15. Purchase curves and sales curves\u003cbr\u003e 16. Exposition and refutation of Adam Smith's and J.-B. Say's doctrines of the origin of value in exchange\u003cbr\u003e Part III. Theory of Production: 17. Capital and income\u003cbr\u003e 18. Elements and mechanism of production\u003cbr\u003e 19. The entrepreneur\u003cbr\u003e 20. Equations of production\u003cbr\u003e 21. Solution of the equations of production\u003cbr\u003e 22. The principle of free competition\u003cbr\u003e Part IV. Theory of Capital Formation and Credit: 23. Gross and net income\u003cbr\u003e 24. Equations of capital formation and credit\u003cbr\u003e 25. Solution of the equations of capital formation and credit\u003cbr\u003e 26. Theorem of the maximum utility of new capital goods\u003cbr\u003e 27. Laws of the determination and variation of the prices of capital goods\u003cbr\u003e 28. Increase of the quantity of products\u003cbr\u003e 29. Critique of the physiocratic doctrine\u003cbr\u003e 30. Exposition and refutation of the English theory of the price of products\u003cbr\u003e 31. Exposition and refutation of the English theory of rent\u003cbr\u003e 32. Exposition and refutation of the English theories of wages and interest\u003cbr\u003e Part V. Theory of Money: 33. The problem of the value of money\u003cbr\u003e 34. Mathematical theory of bimetallism\u003cbr\u003e 35. Relative stability of the value of the bimetallic standard\u003cbr\u003e 36. Fiduciary money and offsetting claims\u003cbr\u003e Part VI. Price Fixing, Monopoly, and Taxation: 37. Price fixing and monopoly\u003cbr\u003e 38. Taxation.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Economic history [\u003ca title=\"See our other books on Economic history\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economic%20history%20%5BKCZ%5D%22\"\u003eKCZ\u003c\/a\u003e], Economics [\u003ca title=\"See our other books on Economics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economics%20%5BKC%5D%22\"\u003eKC\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":46004168261912,"sku":"9781107651456","price":42.29,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/products\/9781107651456i_4e081613-90cf-4c9b-8842-839ce5180ea1.jpg?v=1696781283","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/leon-walras-elements-of-theoretical-economics-or-the-theory-of-social-wealth-paperback-9781107651456","provider":"Freshly Printed Books","version":"1.0","type":"link"}