This book sheds new light on the general equilibrium theory of Léon Walras (1834–1910) from a historical perspective. Walras’s construction of general equilibrium theory marked the dawn of modern economics, and the theory was greatly developed in the 20^th century. However, Walras’s own intentions and ideas behind the theory are still not fully understood.

This book aims to clarify the intellectual background of Walras’s economics by delving into his original writings, which have not received much attention until now. Part 1 of the book reconsiders the relationship between Walras and his predecessors, Adam Smith (1723–1790), Jean-Baptiste Say (1767–1832), and Achylle Nicolas Isnard (1749–1803), who are believed to have had a decisive influence on Walras’s general equilibrium theory. In Part 2, the book explores Walras’s views on the labor market, entrepreneurship, and non-selfish human nature, including concepts like sympathy, which have been overlooked in his general equilibrium theory and subsequently misunderstood to this day. Walras’s economic thought is one of the foundational sources of modern economics. An accurate and in-depth understanding of it will provide a new perspective on the problems faced by modern economics and open future possibilities for economics as a social science.

This book offers new insights not only to researchers and students of the history of economics but also to all those interested in the origins of modern economics.

Contents

Preface

Acknowledgements

Introduction Compatibility of Efficiency and Fairness: How has Walras been misunderstood?

Part 1 Walras and his predecessors

Chapter 1　Léon Walras and The Wealth of Nations: what did he really learn from Adam Smith?

Chapter 2　Walras’s Critique of Jean-Baptiste Say : Entrepreneur and Laissez-Faire

Chapter 3　Numéraire, Workers, and the Tax system: was Isnard a precursor of Walras?

Part 2　Misunderstood Ideas of Walras

Chapter 4　The Concept of Labor Market in Léon Walras’s Pure, Social, and Applied Economics

Chapter 5　Walras on the Worker-Entrepreneur: the Origin of Profits

Chapter 6 The Concept of Sympathy: Walras, Smith, and Sen

Appendix　Miyoji HAYAKAWA (1895–1962): the first Japanese translator of Walras

Index

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