From Walras to Pareto (eBook)

Table of Contents 6
Contributors 7
1. From Walras to Pareto. Introduction 8
NOTES 15
REFERENCES 15
Part I Léon Walras 17
2. The General Equilibrium Theory in Japanese Economic Thought: From Walras to Morishima 18
1. ESTABLISHMENT OF ‘MODERN ECONOMICS’ IN JAPAN 18
2. TOKUZO FUKUDA (1874-1930) AND HIS DISCIPLES: THE GOLDEN AGE OF HITOTSUBASHI 20
3. TAKUMA YASUI (1909-1995): THE DEVELOPMENT OF GENERAL EQUILIBRIUM THEORY AND ITS METHODOLOGICAL FOUNDATIONS 25
4. MICHIO MORISHIMA (1923-2004): TOWARD A SYNTHESIS OF MODERN ECONOMICS AND OF SOCIOLOGY 28
5. CONCLUSION 31
NOTES 31
REFERENCES 33
3. Gross Substitutes, Walras’ " Rareté " and the Stability of the Middle Class 34
1. INTRODUCTION 34
2. WALRAS’ UTILITY 35
3. WALRAS’ AWARENESS OF UNIQUENESS 36
4. WALRAS’ “RARETÉ” AND GROSS SUBSTITUTABILITY 37
5. GROPING AND MIDDLE CLASS STABILITY 39
6. CONCLUSION 41
NOTES 41
REFERENCES 41
4. Léon Walras and the English Classical School: Walras’s Production Theory Revisited 44
1. INTRODUCTION 44
2. WEALTH OF NATIONS: MARKET PRICE AND NATURAL PRICE 46
3. WALRAS’S PRODUCTION THEORY: ZERO PROFITS FOR ENTREPRENEURS 47
4. WALRAS’S PRODUCTION THEORY AS HIS CONTEMPORARIES SAW IT5 52
5. CONCLUDING REMARKS 54
NOTES 55
REFERENCES 55
5. Léon Walras’s Economics: From Pure to Normative? 58
1. INTRODUCTION 58
2. SOCIETIES AND ITS SCIENCES 59
3. ECONOMICS 61
4. PURE NINETEENTH-CENTURY THEORY AND MONEY 63
5. NINETEENTH-CENTURY APPLIED MONETARY THEORY 66
6. TWENTIETH-CENTURY PURE MONETARY THEORY 68
7. DISCUSSION: NORMATIVE ECONOMICS 70
NOTES 72
REFERENCES 73
6. What Went Wrong with Walras? The Econometric Transformation Process of Walrasian Economics during the 1920s and 1930s 76
1. INTRODUCTION 76
2. STATISTICAL FORMS 78
3. SIMULTANEOUS EQUATIONS 79
4. ECONOMIC DYNAMICS 80
5. TAKE TINBERGEN 82
6. CONCLUSION 85
NOTES 85
REFERENCES 86
Part II Vilfredo Pareto 89
7. Vilfredo Pareto and Public Choice: A Reappraisal 90
1. PARETO AND PUBLIC CHOICE 90
2. THE SCHUMPETERIAN POLITICAL ECONOMY 92
3. IS PARETO’S SOCIOLOGY AN IRRATIONAL CHOICE THEORY? 94
4. RESIDUES AND DERIVATIONS 99
5. CONCLUSION 104
APPENDIX 105
NOTES 107
REFERENCES 107
8. Economic Equilibria and the Balancing Act between Total and Partial Analysis 110
1. EQUILIBRIUM AND ECONOMIC ANALYSIS – SOME GENERAL POSITIONS 111
2. WALRAS AND EQUILIBRIUM – SOME INTERPRETATIONS 117
3. CONCLUSION 122
NOTES 122
REFERENCES 123
9. Two Views on Pareto’s Current Relevance: Warren Samuel’s Foreword to Pareto, Economics and Society 124
1. INTRODUCTION 124
2. SAMUELS’ “FOREWORD” TO 125
3. INTERPRETATIVE FRAMEWORK 126
4. REFORMULATION AND EXTENSION 129
5. THE EQUILIBRIUM APPROACH – A SOURCE OF DISCOMFORT? 134
6. CONCLUSION – THE RELEVANCE OF PARETO 139
NOTES 142
REFERENCES 143

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