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Yet another look at Leon Walras's theory of tatonnement

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  • Pascal Bridel
  • Elisabeth Huck

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.

Suggested Citation

  • Pascal Bridel & Elisabeth Huck, 2002. "Yet another look at Leon Walras's theory of tatonnement," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 513-540.
    • Handle: RePEc:taf:eujhet:v:9:y:2002:i:4:p:513-540
    DOI: 10.1080/0967256021000024727
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    References listed on IDEAS

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    Cited by:

    1. D. Wade Hands, 2012. "The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect," Chapters, in: Microfoundations Reconsidered, chapter 3, Edward Elgar Publishing.
    2. Fabio Petri, 2016. "Walras on capital: interpretative insights from a review by Bortkiewicz," Centro Sraffa Working Papers CSWP17, Centro di Ricerche e Documentazione 'Piero Sraffa'.
    3. stephane verani, 2005. "An Inquiry Into the Causes and Nature of Walras' Theory of Tatonnement," Economic History 0504001, University Library of Munich, Germany.
    4. Pascal Bridel & Elisabeth Huck, 2002. "Walras's tatonnement : a reply to Rebeyrol and Costa," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 559-567.
    5. Roberto Marchionatti, 2007. "On the application of mathematics to political economy'. The Edgeworth--Walras--Bortkievicz controversy, 1889--1891," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(2), pages 291-307, March.

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