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  3. Walras's Market Models
  • Cited by 46
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    • Publisher:
      Cambridge University Press
      Publication date:
      05 May 2010
      28 October 1996
      ISBN:
      9780511664502
      9780521562683
      9780521022958
      DOI:
      https://doi.org/10.1017/CBO9780511664502
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.777kg, 478 Pages
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.664kg, 480 Pages
      • Subjects:
      Economics, Economic Thought, Philosophy and Methodology, History, History of Ideas and Intellectual History
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    Subjects:
    Economics, Economic Thought, Philosophy and Methodology, History, History of Ideas and Intellectual History
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    Book description

    Walras's Market Models describes and evaluates Léon Walras's models of competitive markets. Through identification of his career phases and the associated general equilibrium models, which are shown to be very different in character, this book differs from previous examinations of his work. During his mature phase of theoretical activity, Walras was concerned with a competitive economy which passes through a phase of disequilibrium in the production and sales of commodities. While in his last phase of theoretical activity, he developed a model in which there is no production, sales, hiring, consuming or saving until an assumed set of equilibrium prices obtains of the model. The two phases of Walras's theoretical work have not previously been identified, and the models have not been subjected to an accurate analysis and evaluation.

    Reviews

    ‘If prizes are given in the history of economic thought … one ought to go to Donald Walker … Walker’s arguments are very convincing … Those who are interested in knowing about the detailed analysis of Walras’ own models should read and appreciate Walker’s contribution.’

    Source: The Economic Journal

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