RG

IN CONTEXT

FOCUS

Markets and firms

KEY THINKER

Léon Walras (1834–1910)

BEFORE

1881 Francis Edgeworth publishes a mathematical assessment of economics in Mathematical Psychics.

AFTER

1906 Vilfredo Pareto develops a new theory of equilibrium that takes account of the compatibility of individual incentives and constraints.

1930s John Hicks, Oskar Lange, Maurice Allais, Paul A. Samuelson, and others continue to develop the theory of general equilibrium.

1954 Kenneth Arrow and Gérard Debreu provide a mathematical proof of general equilibrium.

There has long been something appealing for economists about the idea that the economy may behave with the same mathematical ...

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