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 Éléments d'économie politique pure

Élisabeth Huck

Revue économique, 2001, vol. 52, issue 3, 729-738

Abstract: After Bertrand?s criticism [1883], Walras introduces the rule of no trade out of equilibrium in his pure exchange theory. But, in the production theory of editions 1-3 of the Éléments, disequilibrium transactions occur in the course of the tâtonnement. An endogeneous redistribution of wealth could result in a hysteresis phenomenon but Walras attempts to prove the convergence of tâtonnement on general equilibrium. We show that this demonstration implies the neutrality of tâtonnement with respect to the distribution of wealth. The functioning hypotheses of the tâtonnement are aimed at eliminating any redistributive effect of desequilibrium transactions but this unfortunate attempt compels Walras to sacrifice the internal coherence of his model. Classification JEL : B13, D51

JEL-codes: B13 D51 (search for similar items in EconPapers)
Date: 2001
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