IDEAS home Printed from https://ideas.repec.org/a/prs/reveco/reco_0035-2764_1994_num_45_6_409614.html
   My bibliography  Save this article

The Adjustment Processes in Walras's Consumer Commodities Model in the Mature Phase of his Thought

Author

Listed:
  • Donald A. Walker

Abstract

[fre] The Adjustment Processes in Wakas's. Consumer Commodities Model in the Mature Phase of His Thought. . Cet article identifie les processus d'équilibrage dans le modèle du marché des biens et services de consommation développé par Léon Walras au cours de la phase de maturité de sa pensée, de 1877 à 1895 environ. Ce modèle n'a pas été bien compris par les économistes contemporains de Walras, et n'a plus été étudié au vingtième siècle. Or, il est tout à fait différent du modèle que Walras a développé dans la dernière phase de sa pensée et qui a été erronément considéré comme sa meilleure œuvre sur le sujet. L'article montre que Walras a voulu construire un modèle qui converge vers l'équilibre à travers un processus des prix dans lequel les transactions, la production et la consommation sont déséquilibrées. Il montre également que Walras a exploré plusieurs mécanismes alternatifs d'ajustement, certains avec les prix comme variables indépendantes, d'autres avec les quantités. L'article détermine si les conditions, que Walras considère des paramètres, sont indépendantes de ce processus, et arrive ainsi à déterminer si le système d'équations de Walras décrit vraiment le modèle. [eng] The adjustment processes in walras's consumer commodities model in the mature phase of his thought. . This article identifies the process of equilibration in the consumer commodities model that Walras developed during the mature phase of his thought, from 1877 to about 1895. The model was poorly understood by Walras's contemporaries and has been unrecogni­zed in the present century. Attention has instead been concentrated on the model that he developed in the last phase of his thought and that has erroneously been considered to be his best work on the subject. The article shows that Walras wanted to construct a model that converges toward equilibrium by means of a pricing process in which disequilibrium transactions, disequilibrium production, and disequilibrium consumption occur. It shows also that he explored several alternative adjustment mechanisms, some of them with prices as independent variables, and others with quantities as independent variables. The article determines if the conditions that Walras considered to be parameters of his model are in fact independent of the equilibrating process, and thus arrives at a determination of whether Walras's system of equations truly describes the model.

Suggested Citation

  • Donald A. Walker, 1994. "The Adjustment Processes in Walras's Consumer Commodities Model in the Mature Phase of his Thought," Revue Économique, Programme National Persée, vol. 45(6), pages 1357-1376.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_6_409614
    as

    Download full text from publisher

    File URL: https://www.persee.fr/doc/reco_0035-2764_1994_num_45_6_409614
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Donald A. Walker, 1994. "The Structure of Walras's Consumer Commodities Model in the Mature Phase of His Thought," Revue Économique, Programme National Persée, vol. 45(2), pages 239-256.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Pascal Bridel & Elisabeth Huck, 2002. "Yet another look at Leon Walras's theory of tatonnement," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 513-540.
    2. Pascal Bridel, 2002. "Patinkin, Walras and the 'money-in-the-utility-function' tradition," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 268-292.
    3. Donald A. Walker, 1994. "The Structure of Walras's Consumer Commodities Model in the Mature Phase of His Thought," Revue Économique, Programme National Persée, vol. 45(2), pages 239-256.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Pascal Bridel & Elisabeth Huck, 2002. "Yet another look at Leon Walras's theory of tatonnement," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 513-540.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_6_409614. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/reco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.