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The Studies in Social Economics of Léon Walras and his far-reaching critique of laissez faire

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  • Arturo Hermann

Abstract

As is known, Léon Walras is mostly famous for his theory of general equilibrium and a supposed adherence to a principle of laissez faire. However, a comprehensive appraisal of his work would reveal that his general equilibrium model constitutes but a part of a far-reaching theory in which public intervention and the ethical objective of social justice play a central role. This emerges in particular from a significant, but rather overlooked, contribution, the Studies in Social Economics. Within this approach, the proposals of: 1) complete nationalisation of land and abolition of taxation; 2) regulation of situations of monopoly and imperfect competition; 3) his sympathy with cooperatives firms in production and consumption, place Walras' perspective fairly close to social liberalism and several heterodox economics' contributions that underscore the relevance of public action for economic and social progress.

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  • Arturo Hermann, 2016. "The Studies in Social Economics of Léon Walras and his far-reaching critique of laissez faire," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 7(1), pages 59-76.
    • Handle: RePEc:ids:ijplur:v:7:y:2016:i:1:p:59-76
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    References listed on IDEAS

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    1. Jean-Pierre Potier, 2012. "Léon Walras, un économiste socialiste libéral," Post-Print halshs-00703837, HAL.
    2. Geoffrey M. Hodgson & Warren J. Samuels & Marc R. Tool (ed.), 1994. "The Elgar Companion to Institutional and Evolutionary Economics," Books, Edward Elgar Publishing, volume 0, number 228.
    3. Arturo Hermann, 2014. "Market, socialism and democracy in an interdisciplinary perspective," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 5(4), pages 327-353.
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