The Walras Paradox

Roger Koppl ()

Eastern Economic Journal, 1995, vol. 21, issue 1, 43-55

Abstract: Some standard interpretations of Leon Walras' political economy are challenged by a study of his philosophical and political ideas. Walras thought that his general-equilibrium theory was both a normative scheme and pure science. This "Walras paradox" is resolved by an understanding of the metaphysical ideas he borrowed from the French "eclectic" philosopher Etienne Vacherot. For Walras, general-equilibrium theory provides the foundations for "scientific socialism," A (non-Marxian) synthesis of liberalism and socialism. This interpretation of general-equilibrium theory shows that common ideas about "neoclassical" economics do not fit Walras.

JEL-codes: B13 B31 (search for similar items in EconPapers)
Date: 1995
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:21:y:1995:i:1:p:43-55

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