The Economists: Walras - Léon Walras

A Biography of the Father of General Equilibrium Theory

Léon Walras (1834-1910) was a French economist who is considered to be the father of general equilibrium theory. His work laid the foundation for modern economic theory, and his ideas have had a profound impact on the way economists think about the economy.

Walras's Early Life and Education

Walras was born in Évreux, France, in 1834. His father was a mathematician, and Walras showed a talent for mathematics at an early age. He studied at the École Polytechnique in Paris, where he graduated in 1854.

After graduating from the École Polytechnique, Walras worked as an engineer for a few years. However, he soon became disillusioned with engineering and decided to pursue a career in economics. He studied economics at the Collège de France, where he was taught by some of the leading economists of the day.

Walras's Contributions to Economics

Walras's most important contribution to economics was his development of general equilibrium theory. General equilibrium theory is a mathematical model of the economy that takes into account all of the interactions between different markets. Walras showed that under certain conditions, the economy will reach a state of equilibrium in which all markets are in balance.

Walras's general equilibrium theory was a major breakthrough in economic thought. It provided a new way of understanding the economy and how it works. Walras's theory has been used to study a wide range of economic problems, including unemployment, inflation, and economic growth.

Walras's Legacy

Walras is considered to be one of the most important economists of all time. His work has had a profound impact on the way economists think about the economy. Walras's ideas are still used today by economists around the world.

Why You Should Read "The Economists: Walras"

"The Economists: Walras" is a biography of Léon Walras, the father of general equilibrium theory. The book provides a detailed account of Walras's life and work. It is a fascinating read for anyone who is interested in economics or the history of economic thought.

Here are a few reasons why you should read "The Economists: Walras":

• You will learn about the life and work of one of the most important economists of all time.
• You will gain a deeper understanding of general equilibrium theory and how it works.
• You will see how Walras's ideas have been used to study a wide range of economic problems.
• You will be inspired by Walras's dedication to his work and his passion for economics.

If you are interested in economics or the history of economic thought, then "The Economists: Walras" is a must-read.