ECON 319 Lecture Notes - Lecture 17: William Stanley Jevons, Carl Menger, Shortage
Document Summary
His father, auguste walras wrote on economics. Leon walras devised his main ideas as a young man, but remained relatively unrecognized for most of his life. Much energy directed to social reforms in alignment with the early fabians. He was refused admission to the prestigious cole polytechnique, because of his inadequate mathematical abilities. In 1870, professor of political economy at lausanne (switzerland). Studied engineering at the cole des mines (paris). Persistent effort to return to paris proved unsuccessful. Made several efforts to link up with william stanley jevons and carl menger but was relatively unsuccessful. Influence of a. a. cournot (1801-1877), who knew his father. Cournot, researches into the mathematical principles of the theory of wealth (1838). Cournot made important contributions to game theory. Most work in philosophy and theory of probability. Also posited a demand function that prompted walras to conjoin it with the concept of utility.
