Léon Walras
In 1537, the Academy of Lausanne was founded as a school of theology. In 1890, the Academy of Lausanne received the status of University, economics was taught within the Faculty of Law. This period was strongly influenced by Léon Walras (1834–1910), the founder of the Lausanne School and creator of the general equilibrium theory. It was also the time of Vilfredo Pareto (1848–1923), famous author of the concept of Pareto efficiency.