Studies in Applied Economics : Theory of the Production of Social Wealth

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, his seminal work Etudes d'economie politique appliquee, first published in 1898, is available in English, in both hardback and paperback. This work sits aside Elements d'economie politique pure (1874) and Etudes d'economie sociale (1896, English translation, Routledge 2010) as one of Walras' crowning achievements. Walras's Etudes d'economie politique appliquee contains his best work on applied economics. In this book, he investigates where free competition is and is not possible, and how to organize and regulate economic life in these differing situations. Furthermore, he deals with other features that are important for the functioning of the economic system such as money, capital, credit, banking, securities markets and speculation. This two-volume translation of a text that still holds vibrant relevance for economists today will be of immense interest to working economists and students of the history of economic thought.