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Yet another look at Leon Walras's theory of tatonnement

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  • Pascal Bridel
  • Elisabeth Huck

Abstract

Starting with a detailed discussion of the theorem of equivalent redistributions, Part 1 examines the central role played by the distributional neutrality of tatonnement in Walras's pure theory of exchange. Part 2 extends this discussion to Walras's attempts at reaching a similar result when dealing with the successive versions of his theory of production before 1900. Part 3 contrasts Walras's and Edgeworth's respective technologies of exchange in order to demonstrate that a distributionally neutral tatonnement is an intrinsic part of Walras's theory of exchange. Finally, and besides briefly summarizing the results, the conclusion develops the crucial connection between the necessity of a converging and distributionally neutral tatonnement in pure economics with Walras's theories of property and justice.

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  • 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.
    • Handle: RePEc:taf:eujhet:v:9:y:2002:i:4:p:513-540
    DOI: 10.1080/0967256021000024727
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    References listed on IDEAS

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    8. Elisabeth Huck, 2001. "La neutralité du tâtonnement au regard de la répartition de la richesse dans la théorie de la production de Léon Walras. Le cas du tâtonnement sans "bons" des trois premières éditions des &q," Revue Économique, Programme National Persée, vol. 52(3), pages 729-738.
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    Cited by:

    1. Petri, Fabio, 2016. "Walras on capital: interpretative insights from a review by Bortkiewicz," Centro Sraffa Working Papers CSWP17, Centro di Ricerche e Documentazione "Piero Sraffa".
    2. Pascal Bridel & Elisabeth Huck, 2002. "Walras's tatonnement : a reply to Rebeyrol and Costa," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 559-567.
    3. D. Wade Hands, 2012. "The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect," Chapters, in: Microfoundations Reconsidered, chapter 3, Edward Elgar Publishing.
    4. Roberto Marchionatti, 2007. "On the application of mathematics to political economy'. The Edgeworth--Walras--Bortkievicz controversy, 1889--1891," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(2), pages 291-307, March.
    5. stephane verani, 2005. "An Inquiry Into the Causes and Nature of Walras' Theory of Tatonnement," Economic History 0504001, University Library of Munich, Germany.

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