Is “Walras&apos; Law” Really Walras&apos;s Original Law?

If you have found this article useful and you think it is important that researchers across the world have access, please consider donating, to ensure that this valuable collection remains Open Access.

The World Review of Political Economy is published by Pluto Journals, an Open Access publisher. This means that everyone has free and unlimited access to the full-text of all articles from our international collection of social science journals. Furthermore Pluto Journals authors don’t pay article processing charges (APCs).

scite_

World Review of Political Economy

Volume 3, Issue 4

Record: found
Abstract: found
Article: found

Is Open Access

Is “Walras' Law” Really Walras's Original Law?

research-article

Author(s): Ezra Davar

Publication date (Print): 1 December 2012

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: “Walras' Law”, Walras's own laws, Walras, Lange, Arrow and Debreu, General Equilibrium Theory

Bookmark

Abstract

This article shows that “Walras' Law,” which is one of the crucial foundations of modern economic theory as formulated by Lange, and modified by the modern authors, differs essentially from Walras's own original laws. These two versions of “Walras Law” are disconnected from real economics; nevertheless, unfortunately, they replaced Walras's original laws which are compatible with a hypothetical regime of perfectly free competition.

Content

Author and article information

Journal

Journal ID (doi): 10.13169

Journal ID (publisher-id): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN (Print): 2042891X

ISSN (Electronic): 20428928

Publication date (Print): 1 December 2012

Volume: 3

Issue: 4

Pages: 478-500

Article

Publisher ID: worlrevipoliecon.3.4.0478

DOI: 10.13169/worlrevipoliecon.3.4.0478

SO-VID: 04f8dc29-5cfb-4263-9a09-f20d5981290e

License:

All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

History

Notes

Keynes's definition of full employment in his General Theory included voluntary employment, but such a definition makes the whole theory of employment much more confusing (for more details, see Davar 2002a).
Originally $ f .
Such definition of excess demand was first formulated by Hicks (1946 [1939]: 324– 325; see also Davar 2004).

Comments

Comment on this article

[1] Keynes's definition of full employment in his General Theory included voluntary employment, but such a definition makes the whole theory of employment much more confusing (for more details, see Davar 2002a).

[2] Originally $ f .

[3] Such definition of excess demand was first formulated by Hicks (1946 [1939]: 324– 325; see also Davar 2004).