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The Influence of Auguste Walras on Léon Walras

1981; Wiley; Volume: 40; Issue: 3 Linguagem: Inglês

10.1111/j.1536-7150.1981.tb01642.x

1536-7150

Renato Cirillo,

Economic Theory and Institutions

A bstract . Auguste Walras' interest in and contribution to economic theory were prompted mainly by his quest for a valid theory of property. After a critical analysis of the current theories of value , he singled out scarcity as the only significant cause of value. He concluded that land was scarce in a very special sense and, hence, should belong not to single individuals but to society as a whole. This is not, however, incompatible with private ownership of non‐land capital. His famous son. Léon Walras , not only adopted this theory but also proved the feasibility of a laissez‐faire type of economy in which land is nationalized. His debt to his father is also evident in his analysis of general economic equilibrium in which he makes use of valuable economic ideas and tools devised or inspired by Auguste Walras.