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

Davar, Ezra

doi:10.13169/worlrevipoliecon.3.4.0478

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World Review of Political Economy

Volume 3, Issue 4

Record: found
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Article: found

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

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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

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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.

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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

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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).

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[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).