WALRAS, LÉON


Meaning of WALRAS, LÉON in English

born Dec. 16, 1834, Évreux, France

died Jan. 5, 1910, Clarens, near Montreux, Switz.

French-Swiss economist.

An advocate of cooperative s as an alternative to revolution, he ran a bank for producers' cooperatives with Léon Say (grandson of Jean-Baptiste Say ) from 1865 to 1868. At the Academy of Lausanne, Switz. (1870–92), he began the school of economics later known (under Vilfredo Pareto ) as the Lausanne school. Walras's Elements of Pure Economics (1874–77) was one of the first comprehensive mathematical analyses of general economic equilibrium. Assuming an environment of free competition, he constructed a mathematical model in which productive factors, products, and price s automatically adjust in equilibrium. He thus tied together the theories of production, exchange, money , and capital.

Britannica Concise Encyclopedia.      Краткая энциклопедия Британика.