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The Walras Paradox

Author

Listed:
  • Roger Koppl

    (Fairleigh Dickinson University)

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.

Suggested Citation

  • Roger Koppl, 1995. "The Walras Paradox," Eastern Economic Journal, Eastern Economic Association, vol. 21(1), pages 43-55, Winter.
  • Handle: RePEc:eej:eeconj:v:21:y:1995:i:1:p:43-55
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume21/V21N1P43_55.pdf
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    Cited by:

    1. Carina Altreiter & Claudius Graebner & Stephan Puehringer & Ana Rogojanu & Georg Wolfmayr, 2020. "Theorizing competition: an interdisciplinary framework," ICAE Working Papers 120, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    2. Joseph Wesson, 1998. "The Teleological Impulse: Thorstein Veblen, Existentialism, and the Philosophy of Science," Method and Hist of Econ Thought 9808002, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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