Leon Walras (1834-1910) was a French economist, founder with his successor Vilfredo Pareto of the Lausanne School. He pioneered general equilibrium theory, showing mathematically how prices across all markets can clear simultaneously, and independently developed marginal utility theory alongside William Stanley Jevons and Carl Menger in the 1870s marginalist revolution. His Elements of Pure Economics (1874) remains foundational to mathematical economics. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
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Additional Source WikipediaMarginalism, Lead section
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Marie-Esprit-Léon Walras (French: [valʁas]; 16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist.
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He formulated the marginal theory of value (independently of William Stanley Jevons and Carl Menger) and pioneered the development of general equilibrium theory.
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16 December 1834
Infobox, Died field
5 January 1910
In Group: Marginalist, Neoclassical and Welfare Economists, Lead
He formulated the marginal theory of value (independently of William Stanley Jevons and Carl Menger) and pioneered the development of general equilibrium theory.
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Wikimedia FoundationAssociated With: William Stanley Jevons, Marginalism, Lead sectionQuote, Associated With: William Stanley Jevons, Marginalism, Lead section
Marginalism as a formal theory can be attributed to the work of three economists, Jevons in England, Menger in Austria, and Walras in Switzerland.
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