Walras' Economics A Pure Theory of Capital and Money

Originally published in 1977, this book is a companion to Professor Morishima's book Marx's Economics which was published in 1973. As he did so successfully with Marx, Morishima intended with this book to change the standard assessment of his subject's contribution to the development of economic thought. The standard view was that Walras provided, in the second half of the nineteenth century, the basis for general equilibrium theory. He was thus regarded as a microeconomist, a founder of marginalism; but Morishima argues that, while Walras certainly made important contributions in that area, it is his attempt to build a macroeconomics on that foundation that should be regarded as his main achievement. This book will provoke great interest amongst all economists and advanced students of economic theory and its history.

Preface; Introduction; Part I. Exchange and Production: 1. Arbitrage and exchange equilibrium; 2. The tâtonnement; 3. Walras' law and production; 4. The dual-adjustment rules: Walrasian and Keynesian; Part II. Economic Growth: 5. Capital formation and credit; 6. A neoclassical theory of growth; 7. Towards Keynes; Part III. Money and Interest: 8. The Walrasian prototype; 9. General equilibrium with encaisse désirée; 10. Alternative theories of interest; 11. The quantity theory of money; 12. Say's law; Part IV. Time Elements: 13. Capital and money reconsidered; Index.

This book, originally published in 1977, is a major attempt to reconsider Walras' place in the development of economic thought. It will therefore provoke great interest amongst all economists and advanced students of economic theory and its history.