Yet another look at Leon Walras's theory of tatonnement

Pascal Bridel and Elisabeth Huck

The European Journal of the History of Economic Thought, 2002, vol. 9, issue 4, 513-540

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.

Keywords: Edgeworth; Walras; Tatonnement; Competition; Hysteresis (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1080/0967256021000024727

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