Is “Walras’ Law” Really Walras’s Original Law?

Ezra Davar

Research output: Contribution to journalArticle

Abstract

"This article shows that “Walras’ Law,” which is one of the crucial foundations of modern
economic theory as formulated by Lange, and modified by the modern authors, differs essentially
from Walras’s own original laws. These two versions of “Walras Law” are disconnected from real
economics; nevertheless, unfortunately, they replaced Walras’s original laws which are compatible
with a hypothetical regime of perfectly free competition."
Original languageEnglish
Pages (from-to)478-500
Number of pages23
JournalWorld Review of Political Economy
Volume3
Issue number4
Publication statusPublished - 2012
Externally publishedYes

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Keywords

  • “Walras’ Law”
  • Walras’s own laws
  • Walras
  • Lange
  • Arrow and Debreu

Cite this

Is “Walras’ Law” Really Walras’s Original Law? / Davar, Ezra .

In: World Review of Political Economy, Vol. 3, No. 4, 2012, p. 478-500.

Research output: Contribution to journalArticle

Davar, Ezra . / Is “Walras’ Law” Really Walras’s Original Law?. In: World Review of Political Economy. 2012 ; Vol. 3, No. 4. pp. 478-500.
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