Edgeworth versus Walras on the Theory of Tatonnement

Francis Y. Edgeworth's criticisms of Leon Walras's theory of tatonnement deal with basic issues in its evaluation: its im portance within his general-equilibrium theory and to the economic theory of his time, its methodological soundness, the feasibility of its objectives, and the breadth of its applicability. An examination of the criticisms therefore contributes to an understanding of its characteristics, function, and value. The conclusion is reached that Edgeworth's criticisms were invalid, but that Walras should have recognized the merits of Edgeworth's contention that the multiplicity of market structures should be studied and of his related defense of the value of partial equilibrium analysis.