Yet another look at Léon Walras's theory of tâtonnement
Starting with a detailed discussion of the theorem of equivalent redistributions, Part 1 examines the central role played by the distributional neutrality of tâtonnement 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 tâtonnement 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 tâtonnement in pure economics with Walras's theories of property and justice.
Keywords: COMPETITION; EDGEWORTH; HYSTERESIS; TATONNEMENT; WALRAS
Document Type: Research Article
Publication date: 01 December 2002
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