Walras's market models
By: Donald A. Walker.
Publisher: Cambridge University Press
Published: 1996
Place of publication: Cambridge; New York
Language: eng
Number of pages: 459
Subjects: Walras, Léon, 1834-1910.; Commodity exchanges -- Mathematical models.; Commercial products -- Mathematical models.; Equilibrium (Economics) -- Mathematical models.
Description: Walras's Market Models describes and evaluates Leon Walras's models of competitive markets. The book differs from previous examinations of his work by identifying his career phases and the associated general equilibrium models, which are shown to be very different in character.

During his mature phase of theoretical activity, Walras was concerned with a competitive economy that passes through a stage of disequilibrium in the production and sales of commodities. In his last phase of theoretical activity, he tried to construct a model in which hiring, production, sales, consumption, and saving would be suspended until an equilibrium of prices was found. The defective structure of that model and its fragmentary nature prevented it from becoming a functioning system.

Until now, the models of the two phases of Walras's theoretical work have not been subjected to an accurate analysis and evaluation. Walras's Market Models fills this gap.
Notes: Includes bibliographical references (p. 427-435) and index.