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General equilibrium as competitive equilibrium: The significance of Walras' achievement from a Cournotian viewpoint

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  • Rodolphe Dos Santos Ferreira
  • Ragip Ege

Abstract

Cournot's Recherches contains a sketch of the general equilibrium research programme, as well as the model of an exchange economy as a system verifying Walras' law. General equilibrium analysis had nonetheless to wait for Walras to occupy the centre of theoretical economics, since it was dismissed by Cournot for its lack of simplicity and robustness. We suggest these motives to depend upon his view of competition as a strategic interaction between producers. Correlatively, the way to the Walras' construct appears to pass through his own view of competition, with economic agents giving up by pure conduct their potential market power.

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  • Rodolphe Dos Santos Ferreira & Ragip Ege, 2013. "General equilibrium as competitive equilibrium: The significance of Walras' achievement from a Cournotian viewpoint," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(4), pages 625-645, August.
    • Handle: RePEc:taf:eujhet:v:20:y:2013:i:4:p:625-645
    DOI: 10.1080/09672567.2011.653884
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    References listed on IDEAS

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    1. Wagner, Alfred, 1891. "Marshall's Principles of Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5, pages 319-338.
    2. Ludovic Ragni & André Legris & Roberto Baranzini, 2011. "Léon Walras et l'équilibre économique général: Recherches rescentes," Post-Print halshs-00730354, HAL.
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    Cited by:

    1. Rodolphe Santos Ferreira & Ragip Ege, 2022. "The net product in the Formule du Tableau Economique: Lessons from a formalism," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 21(3), pages 383-399, September.

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