Léon Walras

Geometrical Theory of the Determination of Prices

The following article of Professor Walras is the first by that famous writer to appear in English. It is not too much to say that Professor Walras, together with Jevons and Menger, marked an epoch in political economy. These three writers independently and almost simultaneously developed and applied the idea of rarete or marginal utility, the corner-stone of the so-called &dquo; Austrian School &dquo; and of mathematical economics. Those who are not already familiar with the services which the -1-7conontie Poittique pure has rendered will be interested to read the praise of Jevons (Theory of Pol. Icon. 3d h;d. Preface to 2d Ed. p. xxxviii.). The problem which Professor Walras has here set himself is a diffi-