Abstract
Léon Walras was the initiator of models of purely competitive general economic equilibration and equilibrium, of mathematical treatments of them, and of many aspects of microeconomic theory. In his period of maturity as a theoretician, he developed a comprehensive model that includes exchange, production of non-durable goods, production of capital goods, and monetary behaviour. That model features irrevocable disequilibrium behaviour and capital accumulation, and its equilibrium is therefore path dependent. His last theoretical effort, which was a failure but nevertheless very influential, was to try to develop a virtual and therefore path-independent model that would justify his static equation system.
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Walker, D.A. (2018). Walras, Léon (1834–1910). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1629
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1629
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