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On Walras's Concept of Equilibrium

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  • Ariel Dvoskin
  • Andr�s Lazzarini

Abstract

The view that Walras's equilibrium concept refers to a temporary general equilibrium with stationary expectations has come to be the conventional opinion within the history of economics. This interpretation overlooks salient aspects of Walras's original equilibrium concept: (i) that it refers to a centre of gravitation, thus equilibrium must be assessed together with the adjustment mechanisms that are supposed to bring the economy towards its position of rest; (ii) that it attempts to represent a persistent position of the economic variables; and (iii) that it must not be regarded as a mere artificial model disconnected from reality, but as a device to understand how actual economies work. We therefore conclude that the scope of Walras's work can be better grasped by interpreting his equilibrium system as aiming to describe a long-period position of the economy.

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  • Ariel Dvoskin & Andr�s Lazzarini, 2013. "On Walras's Concept of Equilibrium," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 117-138, January.
    • Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:117-138
    DOI: 10.1080/09538259.2013.737127
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    References listed on IDEAS

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    1. Fabio Petri, 2004. "General Equilibrium, Capital and Macroeconomics," Books, Edward Elgar Publishing, number 3438.
    2. Bliss, C. J., 1975. "Capital Theory and the Distribution of Income," Elsevier Monographs, Elsevier, edition 1, number 9780720436044 edited by Bliss, C. J..
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    Cited by:

    1. Saverio M. Fratini, 2019. "Neoclassical theories of stationary relative prices and the supply of capital," Metroeconomica, Wiley Blackwell, vol. 70(4), pages 723-737, November.

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