Studies in Applied Economics

Leon Walras (1834-1910) was one of the key thinkers behind the development of marginal utility theory and his introduction of general equilibrium theory is one of the cornerstones of modern economic thought. Now, for the first time, his seminal work Etudes d'economie politique appliquee, first published in 1898, is available in English. This work sits aside Elements d'economie politique pure (1874) and Etudes d'economie sociale (1896) as one of Walras' crowning achievements. Only the former book, in which Walras advocated regulated free competition, has been translated. In Etudes d'economie politique appliquee, Walras elaborated on his equilibrium theory and established it as a basis for an optimal economic order. A new edition appeared in French in 1992 as volume X of Auguste et Leon Walras: AEuvres Economiques Completes (Economica 1987-2004). All volumes have been edited and annotated to improve readability; volume X was prepared by Jean-Pierre Potier and this translation was prepared by Jan van Daal of the Centre Auguste et Leon Walras at the University Lyon-2. This two-volume translation of a text that still holds vibrant relevance for economists today stands as a milestone in marginal utility theory and will be of immense interest to working economists and students of the history of economic thought.