Equilibrium and tâtonnement in Walras' Eléments Franco Donzelli Abstract Two alternative interpretations of the equilibrium notion employed by Walras in the Eléments and related writings have been recurrently suggested in the literature: a "stationary" interpretation and an "instantaneous"...

In developing their equilibrium theories over the decade 1871-1881, Jevons (1871), Walras (1874-7), and Edgeworth (1881) made use of some version of a Law, called Law of Indifference by Jevons and Edgeworth and often referred to as the Law of One Price in connection with Walrasian economics. In...

After many explorations in different directions during the early 1930s, in 1934 Hicks ends up by advocating an interpretation of Walrasian equilibrium and capital theory along stationary lines, but the suggested interpretation is at variance with the view endorsed by the last Walras and by...

In Chapter 17 of the General Theory (henceforth GT) Keynes tries to generalize the standard GT model, which can be found expounded in the preceding sixteen Chapters of his well-known book, by developing an “extended” model of portfolio choice and capital-asset pricing based on a newly...

In this paper we contrast the received view according to which Walras' and Marshall's approaches to price theory, while differing in scope, are basically similar in their aims, presuppositions, and results. By focusing on a special kind of economy (the pure-exchange, two-commodity economy),...

In a brief review of the second edition of Walras’s Eléments, published in 1889, Edgeworth criticizes Walras’s theory of tâtonnement, viewed as a misplaced and misleading attempt at explaining the equilibration process in a multi-market economy. Edgeworth’s attack sets off a controversy,...

The notion of solution plays a crucial role in the conceptual system of Léon Walras, the founder of General Equilibrium Theory (GET). In this paper, after introducing the two solution concepts employed by Walras in the development of his version of GET, respectively called the “theoretical”...

Equilibrium, disequilibrium and time in Walras’ economics.Walras’ theory of general economic equilibrium undergoes deep changes over the twenty-six years elapsing from the date when Walras’ first significant theoretical contribution is published (1874) and the date when the fourth edition...

Rise and decline of the notion of "own rate of interest" in Sraffa. The notion of commodity rate of interest, introduced by Sraffa in a short review-article published in1932, is taken up by Keynes a few years later under the label of own rate of interest. The latter expression soon spreads in...